The first time we have ever seen volumes like this | The Real Estate Wrap with Leanne Pilkington

December 22, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the REINSW.

This weekend in Sydney, 1,631 properties went up for auction with a preliminary clearance rate of 60.8. You can be almost guaranteed that’s going to settle below that 60% for the first time this year. Because last week with 1,791 properties, which is a record-breaking number (this week was the second largest, last week was the largest), our final clearance rates settled at 60.8, which is the same as this week’s preliminary clearance rates.

 

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the real estate wrap.

Week commencing the 20th of December, the last wrap for the year.

This weekend in Sydney, 1,631 properties went up for auction with a preliminary clearance rate of 60.8. You can be almost guaranteed that’s going to settle below that 60% for the first time this year. Because last week with 1,791 properties, which is a record-breaking number (this week was the second largest, last week was the largest), our final clearance rates settled at 60.8, which is the same as this week’s preliminary clearance rates.

 

So, we know with higher numbers come lower clearance rates, typically, as the market starts to settle.

 

This time last year, we only had 764 properties with a clearance rate of 72%.

 

Now across the country, in our capital cities, we had 4,756 properties, which is the fourth consecutive week of more than 4,000 properties, and that’s the first time we have ever seen volumes like that consistently across the country: preliminary clearance rate, 63.4%.

 

Now in Sydney, we saw more properties actually selling before auction than we did at auction. Not terribly surprising given the current market conditions, and of course, we are only one week out from Christmas, so everyone is trying to get the deals done before Christmas.

 

Our lowest clearance rate for the week was in Blacktown, preliminary clearance rate of 42.9. Highest was the outer Southwest at 69.2%.

 

So that is it for me and my real estate wraps for this year.

 

I will be back to you in February. They’re telling me that there’s lots of stock still to come online in January and Feb, so I look forward to keeping you up to date then, and have a wonderful, wonderful Christmas.

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