Price predictions | The Real Estate Wrap with Leanne Pilkington

September 21, 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.

Australia’s combined capital cities saw its highest clearance rate this week since prior to COVID. Sydney had 679 auctions (up from 600 auctions last week) with a preliminary clearance rate of 72.4 per cent.

Last week, Westpac’s economists revealed their latest predictions for the market. They said that property prices will fall nationwide by 2.3 per cent more to June next year, before experiencing an increase of 15 per cent from 2021 to 2023. It’s certainly more welcome news than their earlier prediction of a 10 per cent fall in prices nationally during April 2020 until June 2021.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here on a beautiful Spring day with the Real Estate Wrap for the week commencing September 21.

According to the results from CoreLogic, we had our highest clearance rate around the country this weekend since prior to COVID, so that is really super exciting news.

Here in Sydney, we had 679 properties with a preliminary clearance rate of 72.4 per cent. So we would expect to come down to the mid to high 60s hopefully.

Last week, 600 auctions at a 65.9 per cent final clearance rate and same time last year, 646 auctions with a clearance rate of 72.7 per cent.

Our poor friends in Melbourne, they only had 11 auctions, do you even believe it? And 7 of them actually sold. The ACT is on fire! 74 auctions for a preliminary clearance rate of 89.2 per cent so that’s massive.

Here in Sydney we had a couple of regions over the 80 per cent. Baulkham Hills, Hawkesbury, as well as the South West. Our poorest performing in relation to clearance rates was Sutherland at 54.2 per cent.

Very interesting to see Westpac coming out last week revising their predictions of the collapse in property prices, saying in fact they think there’s only a 2 or 3 per cent more to fall in the market and they are predicting an increase of 15 per cent between 2021 and 2023. So that is huge and frankly, it just goes to show the predictions are just that. Nobody really knows where the market is going to land.

Have a wonderful week, I hope you get to enjoy this spectacular day and I’ll catch up with you next week. Bye!

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