Recovery as winter comes | The Real Estate Wrap with Leanne Pilkington

June 1, 2020 |
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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.

469 homes were scheduled for auction this week, returning a preliminary clearance rate of 68.1 per cent. In comparison, last week saw 309 homes taken to auction with a success rate of 65.0 per cent. The number of auctions held this week was the highest since the week ending April 19th, and the number of auctions being withdrawn prior have reduced too.

TRANSCRIPT:

Hey everybody, Leanne Pilkington here for the Real Estate Wrap for the week commencing June 1st. Can you even believe it? The first day of Winter and the last month in the Financial Year. This year is just rocketing by!

I’ve got some very questionable musical accompaniment from the workmen next door today and I did try and film this outside but my notes went floating into the swimming pool, which was a little awkward. Anyway…

Another good week from a clearance perspective in Sydney. 68.1 per cent preliminary clearance from CoreLogic this week over 469 auctions. Last week we had 309 auctions, so an increase over last week, but still not at the 677 that we had last year. Last week our clearance rate was 65 per cent over the 309 auctions. Same week last year, 61.8 per cent over the 677 auctions.

It’s the highest number of auctions we’ve had across the country, in fact, since April the 19th. And we’ve also seen a substantial decrease in the number of auctions that are being withdrawn prior to auction, which is awesome.

In May, we saw a 0.4 per cent decrease in prices across Australia, and in fact, in Sydney we also saw a 0.4 per cent decrease. But interestingly, we’ve still seen an increase of 1.1 per cent over the quarter and a 14.3 per cent increase over the 12-month period meaning that Sydney is still leading the nation in price growth. Across Australia the price growth was 8.3 per cent in the last 12 months.

Median house prices in Sydney are at $885,159. Very precise! And Tim Lawless has come out and said this week (Tim Lawless from CoreLogic) that it appears that the downward pressure on prices is going to be milder than first expected. So that is great news for all of us.

Have a great week and I’ll see you next week. Bye!

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