Sydney auctions: Auction registrations double as lockdown set to push up prices

House prices are likely to increase at a faster rate as Sydney’s extended lockdown sees the number of bidders at auctions soar.

Buyers competing for property at virtual auctions have doubled since lockdown started last month. It comes as new listings have declined with many sellers reluctant to sell, despite strong confidence among buyers.

MORE: Inside Karl Stefanovic’s waterfront mansion

Australia’s largest real estate agency, Ray White, has reported registered bidders at their Sydney auctions had doubled to 8.4 bidders since lockdown and active bidders had increased 60 per cent to four.

 Inside Karl Stefanovic’s waterfront mansion, 21 Wyoming Rd in Dural

The number of registered bidders at auctions across Sydney during the lockdown have doubled. Picture: Julian Andrews.Source:News Corp Australia

Ray White chief economist Nerida Conisbee said the market had reacted differently this lockdown compared to the uncertainly seen in March last year.

“While market confidence is different, I don’t think anyone expected bidders at auctions to soar by this much in a lockdown,” she said.

“Buyers have found the process of taking part at an online auction to be much easier than an in person event, but also there is a lot of confidence out there.”

House hunters have been warned to buy now as the end of lockdown would likely send prices soaring at a faster rate than what would have occurred if Sydney had not gone into lockdown.

“Prior to lockdown prices were beginning to stabilise because the number of listings was very high,” Ms Conisbee said.

 Inside Karl Stefanovic’s waterfront mansion, 21 Wyoming Rd in Dural

Ray White chief economist Nerida Conisbee said house prices were likely to soar after lockdown ends.Source:News Regional Media

“Lockdown will push up house prices at a much faster rate than what Sydney was expected to have.”

CoreLogic reports there are 721 auctions scheduled for this week — a 23 per cent jump from 585 scheduled last week. The lockdown has seen auctions take place every day of the week due to Sydneysiders being confined to their homes.

Twelve bidders are expected to take part in the auction of a blank canvas at 110 Foster St with Ray White Rozelle’s David Meadowcroft.

A palatial 10-bedroom house at 21 Wyoming Rd in Dural will be one of the most expensive houses to go to auction on Saturday with a $10 million guide. It is listed with Lumby Hampson’s Will Hampson and Kate Lumby.

 Inside Karl Stefanovic’s waterfront mansion, 21 Wyoming Rd in Dural

No. 21 Wyoming Rd, Dural, is one of big ticket items up for grabs on Saturday.Source:Supplied

Cooley Auctions auctioneer Michael Garofolo said sellers in the market now would benefit more than those holding off until the end of the lockdown.

“Sellers have the best of both worlds with fewer homes to compete with a lot of buyers,” he said.

“When we come out of lockdown there will be a flood of property, which will spread the buyer pool out.”

Mr Garofolo said his clearance rate had increased 9 per cent under the lockdown to 83 per cent, while Cooley Auctions had seen registered bidders double to 12.

Originally published asShock impact lockdown is having on housing market

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