- Prime Minister Scott Morrison issued an Auction and Open House Inspection Ban on Tuesday evening, coming into effect from midnight Wednesday 25 March 2020.
- This auction and open for inspection ban put a ‘NO’ sign on more than 2,700 properties in Melbourne for next three weeks which means no public open inspections and onsite auctions. However, private one-on-one inspection is still allowed.
- This weekend was the first round of online auctions. Though some vendors advised their agents to bring auctions forward before the ban came into effect, some pulled properties back given the current COVID-19 uncertainty, some other vendors still need to sell their properties via online auctions thanks to technologies.
- Though some buyers pulled back as well due to the risk of job losses and income shrinks, some other buyers still have strong purchasing demands.
- In following three weeks or perhaps even longer time, market may not experience sharp price downturn. However we will see lower volume and quieter market activity. The price may halt at current or a bit lower level (4% – 8%).
- If COVID-19 not under control in next 1-2 months and unemployment rate soaring, we may see further drop down on market price of 10% – 12%.
Melbourne Weekly Auction Clearance – 21 March 2020
- 90% Clearance rate of 363 Auctions Reported
- 66% Clearance rate of 1061 auctions held last week
- 54% Clearance rate of 818 auctions held this time last year
- 99 Sold at Auction
- 228 Sold before Auction
- 1 Sold after Auction
- 99 Private Sales
- 35 Passed In
- 13 Passed in Vendor Bid
- 998 Withdrawn
- 8 Postponed
- 151 No Results
- 90% Clearance for Houses
- 92% Clearance for Units
- $316M Total Auction Volume
- $72M Total Private Sales Volume
- 35% Clearance
- 52% this time last year
- 1400 Listed Auctions
- 470 Reported Auctions
- 451 Sold
- 807 Withdrawn
- 19 Passed In
- $850,000 Median
- $251.3M Total Volume
- 84% Clearance rate for 319 Auction Results
- 1426 Auction scheduled
- 240 Sold at Auction
- 26 Withdrawn
- 26 Sold prior to Auction
- 25 Passed In
- 2 Sold after Auction
- 826 Private Sales
Australia Weekly Auction Clearance – 21 March 2020
- Both Sydney and Melbourne had significant drops of auction clearances, which were due to the Auction and Open Inspection Ban implemented by PM on Tuesday evening.
- Due to the ban, most of properties were withdrawn from the market.
- This weekend results would not be comparable to results last weekend and the same time last year.
- it will be expected that in following three weeks of the ban period or even longer, if COVID-19 not under control, the market will be quieter similar to this weekend.
- More vendors and buyers will jump out, wait and see how the things go.
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