Volumes rise across the country | The Real Estate Wrap with Leanne Pilkington

1 week ago |
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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.

Across Sydney, 832 homes were taken to auction this week, down from the 890 auctions originally scheduled but up from the volumes recorded last week (753) and this time last year (751).

“The trend in Sydney’s auction volumes has returned to the upward trajectory observed since late August following a small dip during last week’s long weekend,” CoreLogic noted.

“Of the 734 results collected so far, 83.2% were reported as successful, continuing Sydney’s streak of 80% plus clearance rates which is now in its seventh consecutive week.”

Last week Sydney reported a preliminary clearance rate of 82.4%, which later revised down to 81.6% at final figures.

Sydney’s withdrawal rate was up slightly this week (10.6%) when compared to last week’s final withdrawal rate (10.3%).

“With Freedom Day scheduled for Monday, we are likely to see some pent-up supply flowing into the markets as Sydney siders prepare to reopen,” CoreLogic said.

Of the 611 successful results reported so far, 53.4% were sold prior to auction.

TRANSCRIPT:

Hey everyone, Leanne Pilkington coming to you for the Real Estate Wrap week commencing the 11th of October or “Freedom Day” as we are all calling it.

I actually went to the gym for the first time since June this morning. 15 minutes into the workout, the alarms went off and we all had to evacuate. I wanted to start slowly but I didn’t really want to start that slowly. Anyway, hopefully, tomorrow!

So, this weekend 832 properties went up for auction in Sydney, which is up from last week, 753. Obviously, long weekend last weekend. So, that 832 preliminary clearance rate of 83.2%

Last week, final clearance rate of 81.6%. Same weekend last year, we had 751 properties. So, kind of consistent although you know we’re certainly up on last weekend’s long weekend results.

In Melbourne, they had the busiest weekend that they’ve had in a long time, no surprises there. They are back to be able to do one-on-one inspections down there. 1,357 properties with an 81.9% preliminary clearance rate. Their numbers are up 68.6% over last week which is awesome news.

Nationally there were 2,727 properties that went up for auction according to CoreLogic with a preliminary clearance rate of 83.3%. So that strength we are seeing across the whole country.

Obviously, we are expecting higher numbers again from auctions in Sydney next week and moving forward as the freedoms probably motivate a few more vendors to get onto the market before Christmas.

So in Sydney, we saw above 90% clearance rates in Sutherland and the Inner West and our lowest area was 73.3% on the Central Coast.

Have an awesome week everybody.

I hope you really enjoy it!

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