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Spring Auction Surge | The Real Estate Wrap with Leanne Pilkington

September 2, 2024 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

As we step into the first week of spring, the real estate market is buzzing with activity. With auction volumes on the rise and promising clearance rates, it’s clear that the property market is gearing up for a busy season.

Highlights:

  • Auction activity jumped 10.2% across the combined capitals, with Sydney seeing a 14% increase in auction numbers from the previous week.
  • 930 auctions were held in Sydney, marking the highest volume since early June, with a preliminary clearance rate of 71.3%.
  • More auctions are on the horizon, with 2,130 homes set to go under the hammer across the capitals next week, signalling strong market momentum.

For property buyers, sellers, and investors, these trends offer both opportunities and challenges. As auction volumes increase, competition among buyers may intensify, but for sellers, this could translate into more visibility and potentially higher sale prices. Investors should keep an eye on clearance rates as an indicator of demand and market health. With the spring season historically bringing a surge in listings, staying informed and strategically positioning yourself in the market will be key to making the most of this active period.

Transcript

Hey everyone, Leanne Pilkington with you for the real estate wrap, week ending the 1st of September and Happy Father’s Day to all of those fathers out there for yesterday and of course last weekend of winter, how good is that! So we had the highest volume of auctions in Sydney this weekend since the first weekend in June, unexpected as we’re moving into Spring right and this week we had 862 properties with a preliminary clearance rate of 71.3% last week 816 properties at a final clearance rate of 66.7% and same weekend last year 913 at a 68.2% clearance so we’re still not up to those listing numbers of last year. Central Coast 17 properties at a 75% preliminary clearance rate, Newcastle 42 at 81.8% great weekend up there in Newy. Illawarra 29 properties at 50% and in the Blue Mountains 4 from 12. Our highest clearance rate across Sydney was in Ryde at 82.6% but we also saw Blacktown at just over 80%. The lowest was our Southwest at 63.4% on average we see about 20% more auctions in Spring than winter so it’s going to be interesting to see if that trend continues this year and if our buyer demand maintains when those increased listing levels are available. Anyway have an awesome first week of spring and I’ll see you next week bye.

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