Maintaining market trends | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
According to CoreLogic, Sydney had an 82.9% preliminary result across 272 auctions this weekend. Same time last year, Sydney had a 72.9% success rate across 158 auctions. Our best performing regions were the Northern Beaches, Ryde, the City and Inner South with 100% clearance rates!
Now that we’re in February, the market appears to be resuming last year’s trend of strong selling conditions and rising home prices. Over the coming weeks, auction numbers are expected to increase.
Hi everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing February the 1st.
This week, we had 272 properties go to auction in Sydney with an 82.9 per cent preliminary clearance rate.
Now, as against last year, we had 158 at the same time with a 72.9 per cent clearance rate, so we knew that this year was going to get off to a faster start than previously, so that’s a really good indication.
And we can also see that nationally, this year we had 891 properties go to auction. Last year, same weekend, 625.
So big difference across the country. This year our preliminary clearance rate is just above 80 per cent.
Last year the final clearance rate was 61 per cent. Now we know that the preliminary clearance rate will fall a little bit, but it’s certainly not going to fall down to that same level of last year.
Our friends in Melbourne, 388 properties with an 83 per cent preliminary clearance rate.
In Sydney, the Northern Beaches, Ryde, the City and Inner South all have 100 per cent clearance rates. Everything that went to auction on the weekend sold.
Really, really interesting and that explains why we’re seeing an increase of 4.8 per cent in the December quarter for the median house price in Sydney. It’s now sitting at 1.211 million dollars, that median price. It’s crazy!
Total listings on the market available is down 16.2 per cent over the last 12 months and new listings are down 4 per cent.
Dunno if you can hear my friends out the back, we’ve got a house being built behind us, so they’re very noisy!
Anyway, amazing week! I’ll be fascinated how to see how the rest of February plays out. Have a great week!