A market like no other | 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.
This post-Easter weekend, we saw 709 properties go to auction in Sydney, with a preliminary clearance rate of 39.8 per cent. The impact of the ban across on-site auctions becomes more apparent through the resulting auction withdrawal rates. On the upside, realestate.com.au announced last week a new record audience of 10.7 million people for March. This demonstrates that Australia’s passion for property remains despite the real estate industry operating to new guidelines as a result of COVID-19.
Hey everyone, Leanne Pilkington here for The Real Estate Wrap, week commencing April 20.
709 properties in Sydney went to auction on Saturday with 39.8 per cent prelim clearance rate. 50 per cent of the properties were withdrawn from sale prior to auction, and 60.2 per cent of the properties that sold actually sold prior to auction, so that’s a trend we have been seeing over the last few weeks and one that I’m pretty sure we will continue to see.
Interestingly, same time last year, 221 properties went to auction in Sydney. Same weekend last year with a clearance rate of 46.3 per cent. So, let’s face it, there’s no point comparing this market to any other market, we’ve never seen anything like it. But interestingly, it depends on where you are, there’s still stock on the market.
Realestate.com.au are telling us that they are seeing record numbers of people actually online. Banks are also telling us that they’ve gotten a lot of pre-approvals coming in. So I think that there will be some opportunistic buying at some stage.
So let’s check in and see where we land next week. Enjoy your week. Bye!