INDUSTRY NEWSNationalNEWSVic

Snap lockdown thwarts Melbourne’s scheduled auction growth

Melbourne had more than 1000 auctions scheduled, but the latest snap lockdown could significantly impact these figures.

CoreLogic estimated Melbourne had 1198 scheduled auctions coming up this week. The REA Insights Property Preview Report said Melbourne would have 1118 scheduled auctions, while Domain said the city had 1062 homes set to go to auction on Saturday.

However, with a snap five-day hard lockdown announced late on Thursday afternoon, many properties are likely to be withdrawn from auction, sold prior to auction, moved online or rescheduled.

The snap lockdown is expected to last until Tuesday.

REA also has 57 scheduled auctions in regional Victoria, bringing the state up to 1175 auctions in total. As of publication, it is still unclear whether regional Victoria will be put in lockdown as well.

The lockdown comes after multiple cases of COVID-19 were linked to the Ariele apartment building in Maribyrnong, an inner suburb in the north-west of Melbourne. There are more than 70 exposure sites in Victoria, according to the ABC.

Source: CoreLogic

Meanwhile, the impact of Sydney’s COVID-19 lockdown is becoming more evident.

Similar to the past two weeks, many homes in Sydney will sell prior, be withdrawn, or have the auction postponed.

This is due to the recent announcement that Greater Sydney would go through a further two weeks of lockdown, due to end on July 30, due to ongoing community transmission. 

Source: REA Insights

Sydney is expected to have 543 scheduled auctions this week, according to REA.

The following week (July 19 to 25), there are 504 scheduled auctions.

It appears prospective buyers are more hopeful for the end the month, with 618 scheduled auctions between 26 July and 1 August.

Across all of NSW, there are 674 auctions scheduled this week.

Queensland intended on lifting the mask mandate at the end of this week, but additional cases have encouraged an extension. This likely will not have a significant effect on auctions.

There are comparatively few scheduled auctions this week in Queensland (QLD), with just 275 across the state. Brisbane has 137 scheduled auctions, while regional QLD has 138.

The Australian Capital Territory (ACT) has 81 scheduled auctions, all based in Canberra.

Western Australia (WA) has 16 scheduled auctions, 12 in Perth and four in regional WA.

The Northern Territory has eight scheduled auctions, all based in Darwin.

Tasmania has three scheduled auctions, one in Hobart and two regionally.

Show More

Jessamy Tredinnick

Jessamy Tredinnick is a news journalist for Elite Agent Magazine. For current stories, news alerts or pitches, please email [email protected]