Preliminary clearance rate is a little bit higher than last week | The Real Estate Wrap with Leanne Pilkington

Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the Real Estate Institute of Australia.

Sydney is set to host the busiest auction market this week, with 1,161 homes scheduled for auction.

Up 8.4% week-on-week, this week is set to overtake last week (1,071) as Sydney’s busiest auction week since mid-April 2022 (1,490).

This time last year, the city saw 704 homes go under the hammer.

TRANSCRIPT:

Hi, everyone. Leanne Pilkington with you for the Real Estate Wrap, week commencing the 6th of November.

This weekend across Sydney, there were 1,065 properties that went up for auction with a preliminary clearance rate of 71.9%.

Now that preliminary clearance rate is a little bit higher than the preliminary clearance rate from last week.

Last week, we had 1,071 properties, so just a few more than this weekend and a final clearance rate of 64.2%.

Same weekend last year, 704 properties.

So you can say there’s a significant difference between this year and last with a final clearance rate of 63.7%.

Central Coast, 39 properties at 75.8% (preliminary clearance rate) ,

The Mountains, 16 properties at 71.4% (preliminary clearance rate) .

And Newcastle, 24 properties with (preliminary clearance rate) of 64.7%

And the Illawarra, 24 properties at 52.6% (preliminary clearance rate) .

The highest clearance rate across Sydney was in Sutherland at 83.8% and the lowest was the Northern Beaches, 63.6%.

We are all bracing for another interest rate rise that will probably come through Melbourne Cup Day tomorrow.

Yeah, all we can do is see what happens, right.

Have a great week and good luck on the cup. If you are a horse racing supporter.

See you then. Bye.