Victoria’s lockdown, which came into effect last Thursday at 11:59PM, brought significant disruption to the real estate sector, particularly given the abruptness of the announcement. Nevertheless, the auction clearance rate for the week ending 29th May was 93% according to REIV data.
Prior to the lockdown announcement, last weekend was forecast to be “Melbourne’s second-biggest auction weekend” for 2021. However, by the end of the week the REIV record showed 745 auctions reported, a decrease from 1151 in the previous week.
375 homes were sold at auction, 309 sold prior to auction, with 50 passed in. 198 properties were withdrawn from sale.
The number of homes sold prior to auction was more than double the figure for the previous week. However, the number of homes withdrawn from sale in the week to 29th May was more than 9 times that recorded the week before, even though last week’s volume was substantially lower.
Obviously buyer demand remains high and while some vendors are inclined to postpone sales during lockdowns, as Rachel Wells from Domain points out, “hundreds of Melbourne vendors […] decided to move their auction online” over the weekend.
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