Melbourne auction's to see withdrawal spike as restrictions kick in again

The number of homes scheduled for auction is expected to remain relatively steady week on week across the combined capital cities, with 1,209 auctions being tracked by CoreLogic this week.

Last week, 1,269 capital city properties were taken to auction, while one year ago a significantly lower 896 homes were auctioned over the same week.

In Melbourne, 503 properties are scheduled for auction this week, however it is likely that a high proportion of these will be withdrawn from the market as noted in last week’s final results with the city in its second round of stage 3 restrictions amid rising COVID19 cases.

Last week Melbourne returned a final clearance rate almost 10 percentage points lower over the week, with 51.2% of auctions clearing. There were 506 auctions scheduled across the city, with 475 results collected. 37% of results were reportedly withdrawn and of the 243 sold results, 51% sold prior to the scheduled auction date.

Activity across Sydney is set to remain somewhat steady over the week, with 553 homes to be auctioned, down only -2.3% on last week’s figures.

Across the smaller auction markets, scheduled volumes are expected to be lower across every city with the exception of Perth where volumes are unchanged over the week.

Ray White, Australasia’s largest real estate group said a return to online auctions in Victoria and concerns for New South Wales are yet to severely dent clearance rates and auction volumes.

Last weekend, the Ray White Group booked a 61 per cent auction day clearance rate while this week the group has 261 auctions scheduled across the country.

In leading Sydney auction agency Ray White Surry Hills | Alexandria | Glebe | Erskineville there are 11 homes going under the hammer on Saturday.

Surry Hills agent Christopher Bedzo said after 115 groups through inspections at 39/21 Coulson St, Erskineville (pictured in title) he is expecting an exciting auction.

Also represented by Surry Hills Director Shaun Stoker, the two bedroom unit is part of the trendy Star Printery warehouse conversion complex.

In Arncliffe, Ray White Rockdale agent Nicholas Economos is taking a four bedroom character home at 120 Forest Road (pictured above) to auction this Saturday. Mr Economos said he’s had some really strong interest in the home from a mixed range of buyers.

“There is a lot of potential for developers due to the land size and owner occupier families have been falling in love with the views across to Botany Bay and character features of the house,” Mr Economos said.

The auction will be called by Ray White NSW Chief Auctioneer Alex Pattaro and has a price guide of $1.5 million.

In the afternoon, Ray White Riverstone Principal Adam Iken is gearing up for a great result at 18 Ward St, Schofields which has attracted interest from across the board.

Victorians are now in their second week of stage three restrictions. But if last week’s 66.7 per cent clearance rate is anything to go by then there’s still plenty of confidence in the market.

Ray White Craigieburn had a cracker weekend last week, selling four of five homes under the hammer on Saturday.

This weekend, they have another five to sell through auction with Craigieburn agent and auctioneer Trish Orrico saying 2/65 Pender St, Preston (pictured above) is the one to watch.