Sydney’s stability | The Real Estate Wrap with Leanne Pilkington

7 days ago |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of REINSW.

Sydney was host to 606 auctions this week, similar to last week’s 608 auctions, with a preliminary clearance rate of 70.4 per cent. The Northern Beaches continues to hold the strongest clearance rates in the Sydney region.

In general, the combined capital city preliminary auction clearance rate held firm across a lower volume of auctions in comparison to last week. Even though our preferences for where we’d like to live have been changing, this has still kept the market stable and active.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing September 14.

We had 606 properties go to auction on the weekend with a preliminary clearance rate of 70.4 per cent. We expected that we’ll finish at around the mid-60s over the week.

Last week, we had almost the same number, 608 properties with a final clearance rate of 62.3. Same weekend last year, 585 properties with a clearance rate of 76 per cent.

Our poor friends down in Melbourne are really doing it tough, there were only 14 properties that went to auction on the weekend with 3 of them selling prior. We just hope those COVID numbers continue to fall in coming weeks so that they can start getting out and about again really soon.

In Sydney, the standout continues to be our Northern Beaches, 78.6 per cent. The lowest in Sutherland at 53.9 per cent.

Really fascinating market, we’re all surprised at the stability of the market but certainly where people want to live or are now able to live is changing and we are seeing some really strong results in, as I said, the Northern Beaches but also many of our Regional areas with people realising that they actually don’t have to drive into an office every day. It’s fascinating to see the strength in some areas of the market continuing to move forward.

So I can’t wait to see what next week brings. It’s always fascinating for me to see these results every Sunday. I’ll look forward to catching up with you then. Bye.

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