Drop in auction volumes sees clearance rate rise | The Real Estate Wrap with Leanne Pilkington

June 28, 2022 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the Real Estate Institute of Australia.

Across Sydney, preliminary clearance rates rose this week for the first time in five weeks, up 50 basis points from last week’s preliminary result of 55.4%, which was revised to 52.7% at final numbers.

Over 700 results for the 898 auctions held across the city this week have been collected so far, with 55.9% reporting a successful result.

“Despite this small uptick in the preliminary clearance rate, Sydney recorded its highest withdrawal rate since the week ending 26 April 2020,” CoreLogic noted.

The Anzac Day long weekend saw 28.6% of scheduled auctions withdrawn, while this weekend 28% were withdrawn.

Compared to the previous week when 795 auctions were held, this week’s auction activity was up 13% but down 17.2% compared to this time last year.

This time last year, 1,084 auctions took place, resulting in a clearance rate of 77.5%.

TRANSCRIPT:

Hey, everyone. I’m Leanne Pilkington here for the latest Real Estate Wrap week commencing the 27th of June, which of course, is the very last week of the financial year.

For the first time in five weeks, we’ve seen a really small uptick in the preliminary clearance rate in Sydney this week we had 898 properties go to auction with a preliminary clearance rate of 55.9%, last week 795, with a final clearance rate of 52.7%.

That same time last year, 1,084 properties with a clearance rate of 77.5%. Those were the days, right?

28% of auctions were withdrawn prior to auction day, which is the highest rate we’ve seen since April 2020, so over two years.

So that’s telling you that not all vendors are prepared to meet the market right now.

Central Coast had an absolute shocker. Can I tell you, only 18.2% preliminary clearance rate on the Central Coast this weekend, Inner West had 67.2%. So a pretty good day at the office out in the Inner West.

Have a wonderful rest of the week and I will be back to you next week. Bye!

 

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