Strong conditions across the entire country | The Real Estate Wrap with Leanne Pilkington

November 1, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons and President of the REINSW.

In Sydney, 1,144 homes were taken to auction this week, up from 974 over the previous week and 854 this time last year.

There have been 996 results collected so far, returning a preliminary clearance rate of 79.3%.

The previous week saw a preliminary clearance rate of 80.8%, which revised down to 78.5% at final figures, while this time last year 73.1% of reported auctions were successful.

“Last week saw Sydney’s final auction clearance rate drop below 80% for the first time since the week ending 22 August, and it’s likely to remain below 80% again this week,” CoreLogic said.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Weekly Wrap week commencing the 1st of November, can you even believe it?

This weekend in Sydney, 1,114 properties went to auction, preliminary clearance rate according to CoreLogic with 79.3% and so that is the first time our preliminary clearance rate has hit below 80% for quite some time.

Last weekend 974 properties went to auction with a final clearance rate of 78.5%.

Same weekend last year was 854 properties with a clearance rate of 73.1%

Across the country we had 3,524 auctions making it the second busiest week of the entire year. The preliminary clearance rate is at 78.9% meaning we’re still experiencing really strong conditions across the entire country.

Of the 1,144 auctions in Sydney this week a massive 451 sold prior to auction and that’s an indication that the agents may be seeing a little bit less competition in the market, which you know given the increase in properties coming online that is absolutely logical.

So according to CoreLogic prices in Sydney for houses across the year have increased by 28.87%, absolutely massive!

But even though prices across October still went up by 2.03% we are seeing those monthly increases slowing down. So it’s going to be very interesting to watch this market in the coming months.

Blacktown at 88.2% was our strongest clearing state for the weekend. The weakest in the Southwest at 64.6%.

I will see you next week. Bye!

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