Busiest auction week since March | The Real Estate Wrap with Leanne Pilkington

November 8, 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.

Sydney had its busiest auction week since March and its second busiest of the year with 1,228 homes going to auction this week.

The previous week saw 1,151 homes taken to auction, while this time last year 851 auctions occurred.

With 1,046 results recorded so far, Sydney recorded a preliminary clearance rate of 75.9%.

The previous week saw a preliminary clearance rate of 79.3%, which revised down to 76.6% at final figures, while this time last year 73.3% of reported auctions were successful.

“Since restrictions lifted across Sydney on the 11 October, Sydney’s weekly auction volumes have increased by nearly 50%,” CoreLogic noted.

“Over the same period, clearance rates have steadily declined, and the withdrawal rate has risen.

“As pent up supply continues to flow to the market these metrics will likely continue to decline.”

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing November 8th.

This weekend, we had 1,228 properties go to auction here in Sydney with a preliminary clearance rate of 75.9%.

Last week, 1,151 properties final clearance rate according to a CoreLogic of 76.6% as against same weekend last year 851 properties and a final 73.3% clearance rate.

It was the second busiest week of the year so far and our auction volumes have actually doubled since October 11, when restrictions started to ease.

So, as you can see with the volumes going up the clearance rates are declining, and withdrawn from sales are also declining, all completely normal and what we would expect to see.

Across the country 3,276 auctions, making it the third busiest week of the year.

Preliminary clearance rates are 76.1% as against last week where the clearance rate was 76.8%, the final clearance rate.

In Sydney, we had more properties sell prior to auction than we actually had sold on auction day, which is really interesting.

That tells you that our buyer pool is starting to decline and again you know the more properties we see going up for auction you would expect that eventually, you know there’s going to be less buyers in the market with demand being sort of starting to be satisfied.

Our highest clearance rate for the weekend was in Ryde at 85.1% and our lowest was in the Hills and Hawkesbury with 59.4%.

Have an awesome week and I’ll see you next week. Bye!

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