Light at the end of the tunnel | The Real Estate Wrap with Leanne Pilkington

5 days ago |
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Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

Sydney had 614 homes go to auction last weekend, returning a preliminary clearance rate of 66.9 per cent. 58 properties sold prior to auction and 44 were withdrawn from sale prior. The median house price is sitting at 1.314 million for our auction properties.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the weekly Real Estate Wrap, week commencing June 29. Can you even believe we are at the end of the financial year already? Crazy!

The good news is though, across the country, auctions are at the same level as they were this time last year, so that is awesome news.

The real estate market, despite all of the dire predictions, seems to be holding up quite strongly. Here in Sydney we had 614 properties go to auction and according to CoreLogic, we have a preliminary clearance rate of 66.9 per cent. Same weekend last year, 503 auctions, so here in Sydney we had more auctions than same time last year. And last year the clearance rate was 67.9 per cent. Last weekend, 522 auctions and the clearance rate finished at 61.6 per cent. So we’re looking at a more stable market now which is great.

We had 58 properties sell prior to auction here in Sydney and 44 withdrawn from sale prior to going to auction. The median house price is sitting at 1.314 million for our auction properties.

So we have also had a session with Doctor Andrew Wilson last week and he was going through all of the numbers and basically said there is a light at the end of the tunnel for the Sydney Real Estate market and it’s a very bright light indeed, so that was a line that I love.

The data is still supporting a good market moving forward and let’s see what the beginning of the new financial year brings. Talk to you then.

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