A quieter Easter | The Real Estate Wrap with Leanne Pilkington

April 14, 2020 |
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Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

Easter weekend auction activity was especially subdued this year with the lowest clearance rate that CoreLogic has ever recorded since 2008. Looking forward, we are expecting the withdrawal rate to ease as fewer auctions are scheduled, with vendors preferring private treaty methods of sales, or preferring to defer their listing until some certainty returns to the market and economy.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap for Easter week. No surprises that auction numbers were down across the country. Easter is always the quietest week of the selling year, so that was to be expected.

But clearance rates across the country hit a record low. Only 29.3 per cent is the preliminary clearance rate from CoreLogic. That’s actually the lowest clearance rate CoreLogic has ever seen since they’ve been reporting since 2008. So that tells every story, right? Across Sydney, we had 410 properties go to auction. Our prelim clearance rate is 31.1 per cent. And of that 31.1 per cent, 65 per cent of them actually did sell before auction. So agents are taking the opportunity wherever they can to sell properties before auction.

We have got some more auctions coming up next weekend, but I don’t think there’re any surprises that those people that are still wanting to sell, a lot of them are opting for private treaty. Although some agents are still loving those online auctions, so more power to them, I reckon!

Anyway, tune in again next week and we hope you have an awesome week. Take care.

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