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Auctions converted to online with some auctions smashing reserves by hundreds of thousands of dollars

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August 9, 2021

Hi,

What a difference a day can make, one day the State Government was announcing no Covid-19 cases then the next day we are in lockdown.  There were over 1,000 auctions scheduled for the weekend however 701 have been reported to the REIV as being postponed.  Of the 397 auctions that were to be held online, 267 sold at auction, 92 sold before auction and 38 passed in resulting in a clearance rate of 90%.  In addition, there were 149 private sales.

It seems that 2021 is the year of in and out of lockdown.  The real estate industry has adapted very well however there is still only a certain amount that can be done under the tight restrictions.  Auctions can easily be converted to online however onsite inspections of properties are not allowed.  This basically puts the industry into a holding pattern until restrictions ease.

Lockdown aside, there were some very strong auction results over the weekend with some properties selling hundreds of thousands of dollars above the vendor’s reserve. 4 Hamilton St, Seddon was quoted $1,200,000 to $1,300,000 prior to auction and is a three bedroom, two bathroom, single fronted period home on 322 sqm.  The property whilst updated, did not have a great floor plan and could have done with some additional works to lift it to its full potential.  The property sold for $1,567,500 which was $276,500 above the vendor’s reserve.

8 Grange Road, Sandringham was also another popular property.  The property was quoted $1,690,000 to $1,790,000 prior to auction and is an entry level, family home for the area with four bedrooms, two bathrooms in very liveable condition on 356 sqm of land.  The property had reached the vendor’s reserve after a strong opening bid of $1,900,000 which knocked out some participants immediately.  There were an additional two bidders above this level with the property selling for $2,155,000.

Have a great week.

Kim Easterbrook

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