Stronger growth | The Real Estate Wrap with Leanne Pilkington

March 15, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

According to CoreLogic, Sydney returned a preliminary auction clearance rate of 87.4% this week, with 817 properties taken to auction. Once the auction results are finalised, this is likely to be the sixth consecutive week the city has seen over 80% of auctions successful. Last week’s final clearance rate came in at 82.9% across a lower 789 auctions. One year ago, 767 auctions were held and 68.1% sold.

Across the combined capital cities this week, auction numbers reached 2,232; the second highest number of weekly auctions over the year-to-date.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the latest Real Estate Wrap, week commencing March the 15th.

CoreLogic tell us that last month we saw the strongest monthly growth across the country since August 2003. How crazy is that?

And in particular, the high end of the market, and they call the high end of the market the top 25% of property values across the country in each region. That’s considered the high end of the market, and that is growing at a faster rate than the rest of the market right now.

So this weekend in Sydney, 817 properties with a preliminary clearance rate of 87.4%.

Last week, 789 properties with a final clearance rate of 82.9%. We’re looking like we’re going to go into six weeks of plus 80% clearance. Crazy!

Same weekend last year, 767 properties at a clearance rate of 68.1%.

And again, across across the entire country, above 80%. I’ve just never seen the market so strong across the country all at the same time!

So there were 2,232 properties that went to auction across Australia on the weekend with a preliminary clearance rate of 83.2%.

Next weekend, CoreLogic have got 2,700 auctions booked in, so volumes are increasing. It’ll be interesting to see what that does actually to clearance rates.

So in Melbourne 1,094 properties, so a bit of a bounce back after last week’s low numbers. 80.3% preliminary clearance rate and across Sydney, 8 of the 15 regions were above 90% clearance and the Illawarra was 100% clearance rate on the weekend.

So what can I tell you? Have a wonderful week!

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