Melbourne auctions: Agents quietly confident as virtual auctions make a comeback – Domain News

Hopes are high that online real estate auctions will be an easier process during Melbourne’s second lockdown, after virtual bidding was rolled out at scale earlier this year.
But not all sellers will go ahead with online auctions, as others prefer to delay or sell privately in the wake of a return to stage three restrictions that prohibit public auctions.
There are 401 auctions scheduled in Melbourne for this weekend, a rise from the 373 listed for last weekend where 40 were withdrawn from sale and the clearance rate was 62 per cent.
There are 457 auctions forecast for the following week.
The property market took a substantial hit with the first outbreak of the coronavirus and subsequent restrictions, with many real estate agents scrambling to adjust to a new normal, but this time around it seems to be a case of been there, done that.  
Domain senior research analyst Dr Nicola Powell said she was expecting to see a similar trend emerge to when the first round of restrictions was introduced that is, some will shift to online auctions but there will be a high level of withdrawal and a switch to private treaty sales. 
For those that do switch to the virtual platforms, Dr Powell believed the process should be a lot smoother this time around.
We may see more convert to a virtual auction environment but people will likely be more confident this time around,” she said.
Weve done this before and were going to do it again, but the difference now is that were practised in it

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