Busiest auction week since mid-July | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons and President of the REINSW.
Sydney was host to 753 auctions this week, compared to 829 over the previous week and 430 this time last year.
“Volumes this week are likely impacted by the Labour Day long weekend,” CoreLogic noted.
There have been 672 results collected so far, returning a preliminary auction clearance rate of 82.4%.
The previous week saw a higher preliminary clearance rate of 84.3%, which revised down to 81.7% at final figures.
“Sydney’s withdrawal rate increased slightly over the week, with 12.2% of results reported as withdrawn, compared to a final withdrawal rate of 9.5% over the previous week, which again may have been impacted by the long weekend,” CoreLogic said.
Of the 554 successful results collected so far, 51.4% were sold prior to auction.
Hey everyone, I hope you Sydney siders enjoyed your long weekend, the weather was certainly superb and picnics all around!
So, it’s Leanne Pilkington again for the Real Estate Wrap week commencing the 4th of October.
This weekend in Sydney despite having the long weekend we did have 753 properties go to auction, preliminary clearance rate of 82.4%. Numbers were down as a result of the long weekend with 829 last weekend and a final clearance rate of 81.7%
Same time last year 430 properties for a final clearance rate of 65.8%.
In Melbourne, 800 properties went to auction in Melbourne with an 87% preliminary clearance rate which is the second highest clearance rate they’ve seen all year. It’s great to see the market bouncing back for them. Last week they only had 352 properties and last year there were only 55 properties that went up for auction.
So back in New South Wales, our highest clearance rate’s above 90% in the Northern Beaches and the Southwest as well which is awesome to see that market bouncing back after being our lowest clearance rate a number of time in recent months. Our lowest clearance rate went to Parramatta this week 64.5%
If you have not seen the Real Estate Institute of Australia’s report on stamp duty, it’s a very, very interesting report and as a percentage of national average earnings stamp duty has increased from 25.1% to 34.3% nationwide. Now in Sydney, we’ve got the second highest proportion of earnings at 46.3%. Slightly behind Melbourne who are at 48.9%. That is just crazy!
And in 2008, we saw 4.5% of properties around the country for sale whereas today it’s down to below 2.5% which tells you everything you need to know about what’s going on in the current market just not enough supply.
I hope you have a wonderful week and I’ll catch up with you next week. Bye!