- There are 1,877 auctions scheduled this week
- Sydney records a 36% decline
- Auctions are up in Melbourne, by 5%
The number of auctions scheduled this week across the country is a mixed bag, according to Domain’s auction preview.
Nationally, there are 1,877 scheduled auctions across Sydney, Melbourne, Brisbane, Adelaide and Canberra – a decline of 11%.
In particular, auctions are expected to plummet this weekend in Sydney, thanks to escalating community transmission of Covid.
In Sydney, auction numbers have decreased 36% compared to last week with just 515 scheduled. In Brisbane, they are down by 19%.
However, rather surprisingly, auctions are slightly up in Melbourne, by 5%.
Many auctioneers and agents have become accustomed to online auctions given this is the fifth lockdown the city has had. Subsequently, 59% of auctions held nationally will occur in Melbourne.
Auctions are also up by 10% in Canberra.
Volumes are 52% higher in Adelaide this week off the back of the lowest number of auctions scheduled since February 2020 – excluding long weekends.
“On-site auctions are banned in Sydney, Melbourne and Adelaide for the upcoming Saturday, as the three cities combat the growing threat of the COVID-19 Delta strain,” said Domain’s Chief of Research and Economics, Dr Nicola Powell.
“Homes across these three cities will see more homes sold prior, postponed or withdrawn, as we’ve seen from past lockdown experiences in Melbourne and Sydney. Auctions can proceed in Canberra and Brisbane, subject to each state’s restrictions.”
Nicola Powell, Domain Chief of Research and Economics
So far, Domain added that auctions are expected to increase by 2% next week, however, as the pandemic has taught us, anything can change in a short matter of time.