A milder correction | The Real Estate Wrap with Leanne Pilkington
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.
The preliminary clearance rate in Sydney this weekend was 67.3 per cent over 532 auctions. That’s higher than the 398 last week when 56.8 per cent sold. The same weekend last year we had 534 auctions with a clearance rate of 66.4 per cent. As volume increases, so too does the clearance rates. The rate at which auctions are being withdrawn is also normalising.
Hi everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing the 15th of June and it is too much of a beautiful day for me not to do this outside today.
So the preliminary clearance rate in Sydney this weekend is sitting at 67.3 per cent over 532 auctions. What’s interesting about that number is the same weekend last year we had 534 auctions with a clearance rate of 66.4 per cent.
So the results are trending pretty similar to same time last year, which is important to remember that was also post-election which is when our markets started to pick up. So yeah, interesting!
Last week, the clearance rate finalised at 56.8 over 398 auctions so we’ve certainly seen an increase in auctions coming online which is what we expected and the clearance rates are still holding up. So obviously still plenty of buyers out and about.
Out of interest, 35 auctions were withdrawn from sale across Sydney last week and 92 of them actually sold prior to auction.
Our median price was at 1.395 mil which is obviously higher than the Sydney median and Tim Lawless in a session we had with him last week – Tim is obviously the Head of Research for CoreLogic – he did say that it appears that the correction is going to be milder than what we previously feared.
So that is good news for all of us and I will look forward to checking in with you again next week. See you then. Bye!