Resilience and turmoil | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
The coronavirus has impacted and will continue to impact every facet of the economy. Real estate is not immune to the effects but if the fundamentals are generally sound, which they remain, the capacity for bricks and mortar to weather the economic storm is increased.
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Hi everyone Leanne Pilkington here for the Real Estate Wrap for the week commencing March 16 and wow, what a crazy weekend with all of the coronavirus travel restrictions and all that sort of thing, but the real estate market is still going strong.
We had 749 auctions with a premium clearance rate of 74.6 per cent. Last week we finished up with a 75.2 per cent clearance of 830 auctions. So numbers are down, clearance is down and that’s not unexpected but, let’s face it, 74 per cent preliminary clearance is still really, really high.
There are some areas that are having 80 per cent plus clearance rates, so Ryde, Parramatta, Blacktown and the Northern Beaches. So very, very strong market still in those areas. Just to give you some context last year, 638 auctions for the same weekend with only a 54.2 per cent clearance rate.
A week is a long time in the world right now, so let’s see where we land next week. See you then!