Sales campaigns have been cut short and auctions held almost daily as the market plays catch up from lockdown restrictions.
Bans on onsite inspections had a major impact on auction numbers as buyers who could not make physical inspections often put their interest on hold. As a result, many vendors and agents pushed back September auctions to October.
With onsite inspections back on, agents and vendors have rushed to hold auctions, with online events held almost daily and during the night.
The Barry Plant Group had 103 auctions scheduled on the weekend of October 9-10, with more properties up for grabs the following Monday and Tuesday.
The week prior, 61 properties were set to go under the hammer, while Melbourne auction numbers jumped above 700.
Buyers will be spoiled for choice with the rise in auction listings, and more than 3000 auctions have been planned for the second and third weekends in October across Melbourne, according to realestate.com.au figures.
“Some auctions are being held on Sundays as Saturday slots have been taken up, and in October there are auctions daily,” Barry Plant Monash auctioneer Tony Ievoli said.
“With people staying home, we can do online auctions anytime.”
“The strong demand means auction campaigns are shorter, from four to between two to three weeks,” Mr Cripps said.
“Now when buyers see a property online, they want to buy it by next week.”
Many buyers also have pre-approvals from banks and are ready to purchase, and online auctions enable them to participate from anywhere and at any time, he added.
Real estate agencies are spreading auctions across weekdays because weekends are too popular.
“When Saturdays become too busy with auctions, some auctions are brought forward or scheduled for midweek,” Mr Cripps said.
“Many agencies bring forward auctions from weekends to midweek because there are still plenty of buyers out there,” Mr Couch said. “Although listings are rising, it is still a seller’s market.”
Huge auction results and strong price gains for sellers from auctions point to strong market conditions throughout many Melbourne suburbs.
Many properties are also being sold prior to auction as buyers make strong offers to snap up limited stock, especially quality family and lifestyle homes.
Here are eight properties headed for auction on October 16 (unless sold prior):