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

August 17, 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.

This week, Sydney had 668 auctions with a preliminary clearance rate of 67.8 per cent. This time last year, we had 446 properties go to auction with a clearance rate of 76.2 per cent. Ryde displayed the highest preliminary clearance rate of 81 per cent and the South West recorded the lowest preliminary clearance rate of 57.1 per cent this week.

While 15 per cent of properties have reduced their price in Sydney during July, it is important to factor the stats and figures across each suburb; some areas are still seeing strong prices so make sure you are researching before you buy or sell.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Sydney Real Estate Wrap for the week commencing August 17.

This week we had 668 properties go to auction, and that is the highest number of auctions that we’ve seen since the first week in April which is really right at the very beginning of this pandemic.

We’ve got a preliminary clearance rate according to CoreLogic of 67.8 per cent. Last week, we had 640 properties go to auction with a final clearance rate of 58.8 per cent. Same time last year, 446 properties at a clearance rate of 76.2 per cent.We had 15 per cent of properties actually reduce their price in Sydney during the month of July, but it’s very dependent on where you are, ’cause we are still seeing in some areas that prices are remaining very strong, so you’ve gotta do your research before you buy or sell.

Certainly the highest clearance rates we’ve seen this week, Ryde 81 per cent preliminary clearance rate and Northern Beaches are at 79.5 per cent, so I know they’re still struggling for stock in some of those areas. Our lowest clearance rate we saw was the South West at 57.1 per cent.

Interestingly what’s going on in Melbourne, they only had 189 properties go to auction which in comparison to same weekend last year was 588 properties, they had a preliminary clearance rate of 63.6 per cent so there are still people out there buying in Melbourne, which is great.

We saw plus 70 per cent clearance rates in 3 of the regions down there in Melbourne, Inner South and the Outer East, and they had 29 per cent of properties withdrawn before auction. So they are certainly reporting that the results are holding much firmer than they were the first time around, so it indicates that both agents and consumers alike are handling the lockdown a little bit better this time than they did first time around.

Fingers crossed the numbers continue to improve for them down there and they’ll be back to normal again very soon. Have a great week, everybody! Talk to you soon. Bye!

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