- Domain and CoreLogic expect 591 and 519 auctions to be held respectively this weekend
- Easing of restrictions unlikely to have an impact on results
- Lower volumes nationally due to the Queen's Birthday Long Weekend for much of the nation
Domain‘s weekly auction report has revealed that 591 Melbourne homes are set for auction this Saturday, with the likelihood that many of the scheduled auctions will go ahead as planned.
Although Melbourne’s extended lockdown has now ended, many ‘circuit breaker restrictions’ remain in place.
In terms of real estate, up to 50 people outdoors will be permitted for onsite auctions, while home inspections are allowed assuming the one person per four square metre rule is followed.
Auction volumes are significantly lower this week – down by 49% – primarily due to the upcoming long weekends in most States and Territories and the ongoing situation in Melbourne.
As expected, last week also saw a trimming in auction volumes across the country.
Dr Nicola Powell, Domain’s Senior Research Analyst, told The Property Tribune that the easing of restrictions is likely to have little impact on auction results this weekend due to the short period between the announcement and the weekend, as agents only have today to host pre-auction property inspections.
“This is coupled with the two weeks lost to lockdown restrictions, as real estate inspections and onsite auctions were banned,” she said.
“While more auctions will commence onsite it is likely that we will continue to see a higher proportion of properties sold prior to auction and some postponed in order to take advantage of the recommencing of open homes.
“Easing restrictions will provide a sentiment boost for sellers moving forward. Some may have delayed listing their homes for sale until certainty was provided that onsite auctions and open homes can commence, even if it is under a limited capacity.”
Dr Nicola Powell, Domain
More specifically, 42% of the scheduled auctions will be held in Sydney and another 44% in Melbourne. Sydney only has 560 auctions scheduled – a decline of about 46% based on the past few weekends.
Adelaide, Brisbane and Canberra will witness 42%, 15% and 43% fewer auctions this week.
CoreLogic is forecasting fewer auctions this week also, although at a decline of 39% – not as strong as Domain’s.
Despite this, more auctions will be held nationally compared to the same time last year.
CoreLogic forecasts 519 auctions will be held in Melbourne this week. Last week saw 25.6% of auctions rescheduled.