Auction numbers plummet amid nationwide lockdowns

author-avatar By on July 23, 2021
Auction numbers plummet amid nationwide lockdowns

Auction numbers are set to plummet this weekend, with Sydney being hit the hardest amid COVID lockdowns.

Property experts anticipate auction numbers to plummet over the weekend, with lockdowns in Sydney and restrictions in Brisbane seeing the biggest downturn in scheduled auctions.

Sydney's auction numbers have been hit hardest, with Domain's Auction Preview showing a 36% fall in scheduled auctions compared to the week prior. 

Brisbane has also seen a shortfall in scheduled auctions, with numbers declining by 19%.

Despite lockdowns in both Victoria and South Australia, auction numbers are up in Melbourne and Adelaide from the prior week - auctions scheduled are also up in Canberra.

Melbourne auctions are up by 5%; Canberra's numbers increased by 10%; and Adelaide saw the sharpest increase in upcoming auctions, jumping by a "significant" 52%. 

Domain's Chief of Research and Economics, Dr Nicola Powell, said that real estate agents are unable to hold on-site auctions in Sydney, Melbourne, and Adelaide this Saturday, as these cities combat the COVID-19 Delta strain. 

"Homes across these three cities will see more homes sold prior, postponed or withdrawn, as we’ve seen from past lockdown experiences in Melbourne and Sydney," Dr Powell said.

In Brisbane and Canberra, however, auctions can proceed as normal subject to each state's restrictions.

Auction numbers in each state

Across the country, these are the projected auction numbers for Saturday 24 July according to Domain.

City Auctions scheduled
Sydney 515
Melbourne 1,109
Brisbane 96
Adelaide 88
Canberra 69

In total, 1,877 auctions are scheduled across these five capital cities. This signifies an 11% drop in auctions across the country.

Next Saturday auction numbers are forecast to improve slightly, increasing by 2% to 1,905.

Properties still selling under the hammer

Even with the drop in scheduled auctions in Sydney, clearance rates have risen for the second week in a row, with 77% of Sydney's auctioned homes finding buyers, according to Domain's figures.

Clearance rates for on-site auctions also rose in Brisbane and Adelaide, while they 'softened' in Melbourne and Canberra. 

In addition, online auctions continue to perform well, with 86% of Sydney's online auctions finding buyers last Saturday.

Clearance rates in Melbourne fell to 71%, with an additional 86% of online auctions finding buyers on 17 July 2021.

Online auction rates also had success in the smaller capital cities on 17 July 2021. Canberra had an 85% buyer rate; Adelaide had a buyer rate of 84%; and Brisbane had a 74% online auction buyer rate.


Image by Tom Rumble on Unsplash

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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