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Online auctions continue during second week of lockdown

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July 26, 2021

Hi,

The second week of lockdown didn’t deter hundreds of vendors moving their onsite auctions to online with 443 auctions reported to the REIV.  This was down on the previous week but up on the same time last year which only produced 293 auctions. Another high clearance rate of 94% was achieved however 527 auctions were postponed so it is not a true reflection of what the market would have produced had lockdown not occurred.  Of the 443 auctions, 418 sold (with 202 of these selling before auction and 216 sold at auction), 155 were withdrawn and there were an additional 190 private sales.

With promising signs that lockdown will cease tomorrow night, the state government has given a stern warning that restrictions will be in place for quite some time to come. Whilst we may be able to inspect properties again, it is likely these will either be private inspections with capped numbers and auctions will again be either outdoor only with limited numbers or still online.  Hopefully we will hear an announcement today.

The auction of 21 Aberdeen Grove, Northcote was scheduled to go to auction last Saturday but was brought forward due to an ‘acceptable’ offer being received.  The property had been quoted $1,400,000 to $1,500,000 prior to auction with an offer well above this range triggering the property to sell before auction.  Three additional buyers were wanting to challenge the offer so a zoom auction was then scheduled.  The auction ended up with four bidders in total and sold well above its reserve price for $1,811,000.

Have a great week.

Kim Easterbrook

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