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Melbourne sees its biggest grand final auction weekend yet, with nearly 300 scheduled

Melbourne sees its biggest grand final auction weekend yet, with nearly 300 scheduled

 

A relocation to the Queensland capital isn’t the only thing making the grand final long weekend feel different from usual.

 

Nearly 300 home owners across the city are braving the typically quiet auction weekend to sell their properties, the most recorded yet.

 

“We tend to find the grand final day is in prime auction season and vendors tend to shy away from it, thinking the buyers are distracted by the long weekend,” Domain senior research analyst Nicola Powell said.

 

“They stick out like a sore thumb. This is the most auctions we’ve seen on a grand final weekend yet.”

 

There are 282 auctions scheduled this weekend in Melbourne, the first on-site auction weekend for months as lockdown restrictions ease.

 

On grand final weekend last year there were 46 and there were 33 the year before.

 

Of the 282 auctions to be held on Saturday, 67 are set to be in inner Melbourne, 33 in the inner east, 39 in the inner south, 40 in the north-east, 43 in the north-west, 19 in the outer east, 17 in the south-east, 21 in the west, three on the Mornington Peninsula and nine farther out of the city.

 

Cheltenham seller Paul Mitsakis said while he would typically take the AFL finals into consideration when selling a home this year it didn’t even cross his mind, least of all because he’s a Pies supporter.

 

“It wasn’t even a thought at the time when we were planning the dates,” he said. “We knew the grand final wouldn’t have been in Melbourne, if it was on at all.”

 

Because the game would be played in Brisbane, at night, and because Victorians couldn’t gather to watch it, Mr Mitsakis thought no one would be too busy to buy.

He felt he and wife Lenka had the benefit of being able to time the sale of their home at 6 Sunray Avenue to get the most out of the pent-up demand for houses brought on by the coronavirus lockdown.

 

“This year everything’s been different and really random,” Mr Mitsakis said. “Having the advantage of not needing to sell was a plus for us.

 

“We had more buyers than we would have expected to have before COVID. There’s not a lot for sale but what is listed is selling.”

 

Their agent, Cheltenham’s Angela Limanis agreed that buyer activity was heightened because of the months-long lockdown.

 

“There’s a lot of pent-up demand. Regardless of what’s going on with sport and things, if you’re going to buy a property it doesn’t matter,” she said. “Even on the Melbourne Cup weekend, it’s not going to be a factor. In Christmas we’re going to be working around the clock.

 

“We’re not going to panic and think we’re going to miss out on a chunk of buyers.”

Dr Powell noted Melburnians also couldn’t leave the city, so those who otherwise would have gone on holiday over the long weekend would stick around and boost the buyer pool.

 

Ms Limanis said coinciding with the first weekend of in-person auctions for months was also a welcome boost.

 

“It all just worked out. We’re really happy,” she said. “We have registered bidders already and we’re going to have it onsite with the maximum number of people allowed.”

 

Marshall White director John Bongiorno said he expected the return of physical auctions would boost auction metrics.

 

“The onsite auctions have given vendors more confidence. And buyers also enjoy the touchy feely aspect of going through a property and eyeballing their opposition, as opposed to over Zoom,” he said. “It could potentially boost the clearance rate. And it’s been pretty strong in any case.

 

“If you go around Australia we’re lagging behind but if you go to other capital cities as an example, it’s pretty strong across the board.”

 

Dr Powell said the number of homes selling at auction appeared promising, but knowing where the auction market had settled following lockdown would take a few more weeks of results.

 

“The clearance rate last weekend is at 60.2 per cent and the week before that was 59.4 per cent but there were much fewer auctions then,” she said. “Once it’s consistent numbers each week, it’ll be more of a test.”

 

 

Ref: JIM MALO, REPORTER (on 23 Oct 2020). Melbourne sees its biggest grand final auction weekend yet, with nearly 300 scheduled. Retrieved from https://www.domain.com.au/news/melbourne-sees-its-biggest-grand-final-auction-weekend-yet-with-nearly-300-scheduled-998654/.

 

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