The market holds up | The Real Estate Wrap with Leanne Pilkington

August 10, 2020 |
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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 held 642 auctions this week, up from 566 over the previous week and 367 this time last year. This week’s preliminary clearance rate is 65.8 per cent. Last week, a final clearance rate of 60.7 per cent was recorded, while one year ago, the rate was 76.2 per cent.

Melbourne’s clearance rate proved to be quite strong despite fewer auction numbers and the current lockdown period.

Our overall circumstances are certainly different to what they were in the first quarter, but that’s not to say the real estate market has come to a halt – it’s still buzzing.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing the 10th of August. I did get back home safely from Port Douglas but would you believe we had 7 flight changes? We left our resort at 8 o’clock in Port Douglas and got home in Sydney at 7:30 last night, so yeah – just crazy! Anyway, the main thing is we’re here.

Auctions this weekend in Sydney we had 642 properties go to auction with a preliminary clearance rate of 65.8 per cent, compared to 566 properties last week and a final clearance rate of 60.7 per cent.

Compared to last year, 367 properties and a 76.2 per cent clearance rate last year. So, market is still holding up, which is great news.

Interestingly in Melbourne, only 298 properties went to auction on Saturday which you can completely understand but a preliminary clearance rate of 73 per cent which is really strong. And only 18 per cent were withdrawn from sale which is interesting, it’s less than what they saw being withdrawn during the original lockdown period. So that kind of indicates that everybody knows that this is just a moment in time.

So, anyway I hope you all have a wonderful week and I’ll look forward to catching up with you again next week. Take care.

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