Boom tish…? | 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.
We want to be careful not to declare a real estate boom because in truth, it doesn’t help anyone. Buyers will obviously be wary of rising prices. Widespread buyer concern over rising prices can dint vendor confidence. For agents who base their value proposition on securing the right buyer for the right property at the right price for all parties, booms skew things.
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Hi everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing February 24, 2020.
Big weekend as we knew it would be. 938 properties going to auction in Sydney with a prelim clearance rate according to CoreLogic of 81.5 per cent. Last week we saw 583 properties go to auction and the clearance rate finished up at 75.4 per cent.
Just to give you an idea, same weekend last year, 801 properties with a 50.2 per cent clearance rate, so both numbers and clearance rates are up. We expected that, although talking to agents they’re a little bit nervous about how long these kind of results can can continue hard to sustain numbers like this the number of homes being discounted as you would expect fell by 3.8 percent last year so more vendors are getting the prices that they’re expecting right now. That’s no surprise given the clearance rates we’re seeing.
Anyway, let’s see what next week brings and I’ll catch up with you then!