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Melbourne auctions numbers to decline as lockdown likely to be extended again

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August 16, 2021

Hi,

Auction numbers were down on the weekend with 482 auctions postponed.  387 auctions were still reported to the REIV with 214 of these selling at auction, 154 before auction and there were an additional 149 private sales.  Most of the auctions that are scheduled for this weekend coming will likely be pushed out until after lockdown ceases unless the agent is confident that they have a number of strong buyers.  And even in that case, most of these negotiations have been brought forward.

For our Melbourne offices, it will be a quiet period of buying until we can inspect properties again, however for our Geelong/Ballarat office, it has been busy and business as usual.  Our rentals team have been surprisingly busy leasing a number of properties last week via virtual tours which shows that the lockdown has not deterred tenants from planning their next move.

Online auctions continued to deliver some strong results with an unrenovated house at 25 Hume Street, Armadale selling well above the price guide.  Five bidders tried to secure the property that was quoted prior to auction for $3,500,000 to $3,850,000 and selling for $4,200,000.

The Geelong market continues to go from strength to strength with a house in Hamlyn Heights selling for $138,000 over the reserve price.  12 Langibanool Ave, Hamlyn Heights was quoted for $525,000 to $550,000 prior to auction with ten buyers registered to bid but only five of them participated in the auction. The fourth bid was $550,000 where the property was announced on the market but strong bidding pushed the sale price to $688,000.

Have a great week.

Kim Easterbrook

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