, Traditional auction campaigns no longer needed, Nzuchi Times

Traditional auction campaigns no longer needed

, Traditional auction campaigns no longer needed, Nzuchi Times

Hopeful homebuyers are set to sit through a second week of online auctions under Victoria’s extended fifth lockdown.

But the restrictions haven’t dampened buyer demand, or auction numbers significantly.

About 717 properties are set to go under the hammer this week, according to realestate.com.au — a more than 200 per cent increase on the same time last year.

You’ll be able to stream the action right here on the Herald Sun’s auction blog via Gavl, with rolling results below as they happen. Here’s what we’re expecting this weekend.

RELATED: Melbourne’s new most expensive suburbs

Every Victorian suburb’s median house price

The best day to auction your house

Reservoir and Craigieburn will have the most properties up for grabs, with 16 and 15 auctions scheduled for the suburbs respectively.

Marshall White Bayside director and auctioneer Matthew Pillios said the latest shutdown had only fuelled the state’s already sizzling-hot property market, with buyers still scared of missing out.

“My phone hasn’t stopped buzzing this lockdown with people looking for stock,” Mr Pillios said.

“They’re scared of being homeless. (These days) campaigns don’t need three to four weeks if they’ve got good photos and TV-standard videos. Buyers can come once, rewatch the video and make an offer. I think Covid has really changed buyer behaviour, people know what houses are made of.”

Mr Pillios will be auctioning off 3 Addison St in Elwood at 10.30am and said four bidders were already looking to put their hand up for the four-bedroom home, which has a $2.3m-$2.5m price guide.

He added that he was expecting the market to have another “12 to 18 months of growth”.

“We’re still getting a lot of expats and outsiders come through Melbourne and the good suburbs and our property market is where the money is always going to be safe,” Mr Pillios said.

Last week a clearance rate of 93 per cent was recorded from the 654 auction results reported to the Real Estate Institute of Victoria (REIV).

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Berwick’s prestige market pumping after $9.5m sale

Japanese-inspired pad sparkles above city

Every suburb’s median value growth in past year

[email protected]

More Stories
The Latest: China calls for UN council action, slams US