Auction activity to rise above 2,000 | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.
This week, auction activity is set to increase, with over 2,000 homes scheduled for auction across capital cities, marking the highest level since late June.
Highlights:
- Auction activity is on the rise, with over 2,000 homes scheduled for auction across capital cities this week—marking the first time since June we’ve seen such a surge.
- Sydney is leading the way with 783 auctions lined up, making it the busiest week since late June. (and up from 645 last week!)
- Expect even more auction activity next week!
With auction activity on the rise, property buyers, sellers, and investors should be ready to act quickly. Buyers can expect increased competition, while sellers might see stronger demand. Investors should watch the market closely for potential opportunities as auction volumes continue to climb.
Stay informed with our weekly updates.
Transcript
Hey everyone Leanne Pilkington with you for the latest Real Estate Wrap, week ending the 18th of August I’m coming to you live from Cairns with the Laing+Simmons Annual Convention. It’s been an incredible first day, absolutely incredible! Anyway, this week 738 properties went up for auction across Sydney with a preliminary clearance rate of 74.6%, last week 645 properties at 61.2% final clearance rate, same weekend last year 818 properties at 70.3%, Central Coast 13 properties at 50%, Newcastle 4 from 14, the mountains 4 from 9, and Illawarra wow 18 properties out of 15% clearance rate that’s not good. We are expecting an increase in volume over the next week and into the first couple of weeks of Spring. New listings nationally are about 11% above the previous 5-year average but we are hearing that buyers are still a bit slow to make decisions, so we’re still in for some interesting times. Have an awesome week, and I’ll see you next week, bye.
