Factors and fiction | 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.
Volume-wise, it was another bumper auction weekend, with the clearance rate again impressive and another round of reserve-smashing results to keep vendors interested. Next week looks busy as well, it seems, but the wind down will be here soon.
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Hi everyone, Leanne Pilkington here for the Sydney Real Estate Wrap for the week commencing November 25. Oh my goodness! One month to Christmas, do you even believe it?!
Clearance rates were high again over the weekend. We had 934 properties go to auction in Sydney with preliminary clearance rates from CoreLogic at 82.3 per cent. Last week the 947 auctions finished up at a 71.9 per cent clearance rate.
To give you an idea, same time last year: 1035 auctions. So we’re still tracking below as far as the numbers go, about a hundred below. But our clearance rate this time last year was only 44.8. So less than half selling.
We are expecting across the country to have about a 14 per cent increase in auction numbers on the weekend. So it’ll be interesting to see if that interest from buyers is still holding.
Certainly we are still seeing above reserve results, but we’re also seeing some properties passing in just with people, even though there’s half a dozen or so contracts out, buyers are not prepared to overpay for a property in their own mind.
So let’s see what next week brings. See you then.