Rise on the horizon | 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, 449 properties went to auction in Sydney this weekend, with a preliminary clearance rate of 89.1%. In comparison, 270 auctions were held over the previous week, with a final clearance rate of 76.7%. This time last year, 384 auctions were held and the clearance rate came in at 77.6%. These strong auction results signal further upwards pressure on housing prices amidst the low supply levels and increasing buyer demand.
Hi everyone, Leanne Pilkington here for this week’s Real Estate Wrap, week commencing the 8th of February.
This weekend, we had 449 properties go to auction with a preliminary clearance rate of 89.1 per cent. Wow!
Last week, 270 properties with a final clearance rate of 76.7 per cent, and same weekend last year, 384 properties and with a 77.6 per cent clearance.
Obviously, clearance rates that high are an indication of a hot market. We are in a rising market at the moment. We have more demand than supply, and that’s why we’re getting these results.
Melbourne, this weekend, 592 properties with a preliminary clearance rate of 80.8 per cent. Last week, 390 properties, 80 per cent final clearance rate.
But it’s not just Sydney and Melbourne that are doing well. Around the country we’re seeing strong results.
Canberra, 92.7 per cent preliminary clearance rate on the weekend. Adelaide, 82.8 per cent. Perth, 75. Brisbane, 74.6 per cent. So, really strong markets around the country!
Back to Sydney, 100 per cent of the properties in the Inner West sold over the weekend. Incredible! And these following suburbs all had a better than 90 per cent clearance rate: Central Coast, Eastern Suburbs, Inner Southwest, North Sydney, Hornsby, Northern Beaches and Ryde. All above 90 per cent.
January saw 4 per cent less listings come onto the market as against January last year. And the overall listing bank was down by 16.2 per cent, which means all of the stock that has been on the market has been selling as well.
So that tells you why we’re getting the level of clearance rates that we are at the moment. Just not enough stock coming on the market to meet demand.
So hopefully vendors will get that message soon and start thinking about actually putting their properties on the market. I hope you all have a great week! See you soon.