The new normal | The Real Estate Wrap with Leanne Pilkington

March 23, 2020 |
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Welcome to this week’s edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

Rates went down again last week in a desperate but necessary move by the RBA. These are unprecedented times and any business that consumers are willing to engage in, whether it’s buying a household appliance or buying a house, is welcome news to a floundering economy.

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Hey everyone, Leanne Pilkington here for the Real Estate Wrap for Sydney week commencing March 23. So, last weekend, 923 properties went to auction in Sydney with a preliminary clearance rate from CoreLogic, 64.4 per cent. Last week we had 767 properties with a clearance rate of 68.1 per cent and same week last year, 506 auctions with a clearance of 52.1 per cent.

Obviously we are in uncharted waters. At the moment, we believe that next weekend’s auctions can still go ahead. Obviously with very careful self-distancing and the great use of technology, but things are fluid at the moment. The reality is, though, some people have to buy and some people have to sell.

Numbers will go down, there is no doubt about that, but what I would encourage you to think about is if you are in a position to buy property and you are confident that your job is one that is safe over the next period of time, then it’s probably not a bad idea to continue with your purchasing because when this is all over, there’s going to be a whole lot of people that have put off their decisions all jumping back into the market at the same time.

Anyway, the most important thing is that you and your families stay safe. Take care.

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