Sydney set to be the busiest auction market again due to Melbourne lockdown

Staff reporterJuly 22, 20200 min read

There are 1,392 homes scheduled for auction across the combined capital cities this week, increasing on the 1,176 auctions last week and higher than the 1,124 last year, according to CoreLogic data.

Sydney and Melbourne were both expected to see a rise in the number of homes auctioned this week, however given Melbourne’s restrictions, a large portion of these are likely to be withdrawn, as we’ve seen over the past few weeks.

This is a familiar scene from the first lockdown as homes were pulled from auctions heavily during that period.

In Sydney, 642 auctions are scheduled across the city, a 25% rise on last week’s volumes (515) and also higher than scheduled volumes from one year ago (394).

There are 558 Melbourne homes scheduled for auction this week, an expected rise of 11.6% on last week’s volumes (500), which saw a large number withdrawn (209); a trend that is likely to persist through the lockdown period.

Across the smaller cities, scheduled volumes are set to be higher across all cities but Perth.

Despite the negative speculation surrounding the property market, the Ray White Group is set for another strong weekend of auctions.

A return to online auctions in Victoria has done little to stem buyer confidence and the number of registered bidders for New South Wales properties remain near record highs.

Australasia’s biggest auction house has 240 auctions scheduled to take place this Saturday, a 72 per cent increase in the number of auctions at the same time last year.

One highlight is in Pymble where Ray White Upper North Shore Sales Agents Rowan Lazar and Graeme Schultz are taking the five-bedroom family home at 12 Lawley Crescent (pictured in title) to auction with a $2,250,000-$2,500,000 price guide.

“We’ve had more than 70 parties through the open homes during the campaign and we’ve issued 17 contracts so far – we’re expecting this one to be a great auction,” Mr Lazar said.

Over in Kellyville Ridge, Ray White Castle Hill Sales Executives Sara Perry and Karl Anthony are expecting big things for the modern and stylish property at 5 Hume Street (above).

“We’ve had 58 groups through and the property has particularly appealed to a wide-ranging demographic – namely families, downsizers and first-home buyers,” Ms Perry said.

“The vendors have bought a block of land in Box Hill to build their dream home and they’re motivated to sell – we’re expecting 4-6 registered bidders on the day.

The property goes under the hammer onsite at 12pm with Ray White Auctioneer James Kerley.

Staff reporter

Sydney Auctions
Property Auctions
This website uses cookies to ensure you get the best experience on our website. Find out more in our privacy policy.
Accept Cookies