- 12 million Australians are under lockdown
- 2113 auctions were scheduled across Sydney, Melbourne, Brisbane, Adelaide and Canberra
- About half of these were scheduled for Melbourne
Auctions are likely to be thrown into confusion again due to Melbourne’s latest lockdown.
The lockdown means the two largest cities in the country – and regional Victoria – are in lockdown, impacting 12 million Australians.
Yesterday, before the announcement, Domain released an auction preview.
2,113 auctions were scheduled across Sydney, Melbourne, Brisbane, Adelaide and Canberra, with around half of these scheduled for Melbourne.
Auction volumes had been building on last week’s numbers with a 10% rise, however, overall volumes continue to trend downwards.
Melbourne’s 1,062 represented a 12% rise. Sydney’s rose by 11%; 812 are set to go to an online auction.
Due to Sydney’s lockdown extension, many of these auctions will likely be sold prior, be withdrawn or postponed.
Inspections are banned in Victoria and auctions can only be held online. In Sydney, auctions can only be held online, however, private one-on-one house inspections are allowed.
Several leaders in the industry, such as REINSW CEO Tim McKibbin, suggested that many auctioneers are accustomed to online auctions and are pivoting selling strategies to facilitate sales activity.
“In Melbourne, we expect auctions to be withdrawn, postponed or moved online. This is due to yesterday’s announcement that the city would go through a five day lockdown.”
Dr Nicola Powell, Domain’s Senior Research Analyst
Given this is Melbourne’s fifth lockdown, many agents already have ample experience in online auctions. However, given the lockdown is only scheduled thus far for five days, postponements may be the way to go. Many auctions have already been postponed to next Saturday, July 24, and even beyond Saturday 31 July.
Either way, with demand strong, it is likely there will still be many successful sales this weekend.
In other markets, 118 auctions are scheduled in Brisbane, 59 for Adelaide and 62 in Canberra.
