Successive strength | The Real Estate Wrap with Leanne Pilkington

5 days ago |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW – live from Mooloolaba!

According to CoreLogic, Sydney saw 769 homes taken to auction this week, compared to 625 over the previous week and 963 this time last year. The preliminary clearance rate this week is 88.2 per cent, compared to last week’s final clearance rate of 83.9 per cent, and last year’s 74.5 per cent clearance rate.

We’re expecting the final clearance rate in Sydney to be above 80 per cent for the third consecutive week. Above 90 per cent clearance rates were reported in the following areas: Central Coast, Baulkham Hills, Hawkesbury, Inner West, North Sydney, Northern Beaches and Ryde.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing February 22.

And as you can see, not my normal background. I am on the beautiful Sunshine Coast at Mooloolaba having a holiday, and the weather has been spectacular! I’m so happy to have finally been able to get away!

Anyway, this weekend, we had 769 properties go to auction with a preliminary clearance rate of 88.2 per cent.

Last week, 625 properties, 83.9 per cent final clearance rate.

Same weekend last year, 963 properties, 74.5 per cent clearance.

So you can see that we are still below our levels from last year. It’s likely that the final clearance rate for this week will be above 80 per cent in Sydney for the third week in a row. So that tells you the market is still going strong.

In Melbourne, they had 1,061 properties go to auction this weekend. Preliminary clearance rate of 82.2 per cent.

Last week, 635 properties. Now their final clearance rate was 70.6 per cent but 25 per cent of the auctions that were due to go up last week were actually withdrawn because of the lockdown, so hardly surprising.

Same weekend last year, 1,248 properties went up in Melbourne.

In Sydney, we saw above 90 per cent clearance rates in the following areas: Central Coast, Baulkham Hills, Hawkesbury, Inner West, North Sydney, Northern Beaches and Ryde. So, lots of buyers out there still keen to purchase.

Have a wonderful rest of the week, I know I sure will! See you next week! Bye.

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