11 percent decline
On-site auctions are still banned in Sydney, Melbourne and Adelaide. Image – Canva.
  • 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“Homes across these three cities will see more homes sold prior, postponed or withdrawn, as we’ve seen from past lockdown experiences in Melbourne and Sydney.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.

You May Also Like

National Lending Figures Show Healthy Housing Growth

Newly released Australian data points towards growth in owner occupiers…

Scarborough top selling suburb; Perth sales up 10 per cent last week: REIWA

Last week saw 763 sales transactions in the Perth Metropolitan Area according to data reported by REIWA members…

Private sector housing approvals up for fifth consecutive month: ABS data

Private sector house approvals have risen again