The volume cycle | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
There is hope that the fall in Sydney property prices has come to an end or, at least, is about to. But the availability of housing stock must meet strong demand. Over the past week, with kids on school holidays and winter living up to its name, the scarcity of listings was especially apparent.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing July 15.
We’ve had another positive set of clearance rates over the weekend. 77.2 per cent, according to CoreLogic is the prelim rate, but unfortunately, it’s off the back of only 318 auctions.
Auction numbers are down 30 per cent for the June quarter as compared to the June quarter last year. Obviously, that’s one of the reasons why clearance rates are high.
We had the second interest rate cut last week as well. So there’s a lot of positivity out in the market with buyers. And in fact, if you had a look at the newspaper and the results yesterday (or Sunday) you would find that a lot of the properties are actually selling above the reserve.
So we’ve got vendors meeting the market. We’ve got a lot of demand from buyers. Very, very interesting time. I would expect that we will slowly start to see the volumes increase.
Anyway, lots more as usual, just click here and download the rest of the report. See you next week.