Activity holds steady | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
Saturday saw 526 properties go to auction with a preliminary clearance rate of 68.5 per cent according to CoreLogic. It’s higher than last week’s clearance rate but the auction numbers were slightly down from last week, too. But with a decrepit Darlinghurst terrace selling over $1 million over reserve and the government advising that the HomeBuilder scheme applies to off-the-plan, we expect more enquiry and more interest in these particular sectors of the market.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing June 22. Saturday saw 526 properties go to auction with a preliminary clearance rate according to CoreLogic of 68.5 per cent.
That’s a little bit up on the prelim clearance rate over the last week, and that clearance rate settled at 63.7 per cent, and that was over 545 auctions. So auction numbers down a little bit this week as compared to last week.
Same weekend last year, 558 properties went to auction with a clearance rate of 60.9 per cent.
So numbers are still down from last year, but it’s important to remember that last year wasn’t a great year from sales volumes either. Even though we were post-election at this time last year, we were right smack bang in the middle of the Banking Royal Commission which made borrowing very, very difficult. So we are still down on what was an average here last year.
Did you see that auction on Saturday? That derelict terrace in Darlinghurst that sold a million dollars over reserve? 4.621 million, there was 6 registered bidders and it’s no surprise that the ultimate buyers were actually builders because the agent reckons it’s gonna be about a 2 million dollar reno. So, I don’t know. What can I tell you? The market is there for the right property obviously.
Interesting to hear the Government have come back last week clarifying the $25,000 incentive for new home building, and it does apply for properties off-the-plan. So that is great news and should stimulate a little bit of enquiry in some of the off-the-plan sectors of our market.
Have a wonderful week and I’ll catch you again next week.