In a notable shift within Melbourne’s property market, home sellers are being cautioned against the diminishing trend of midweek auctions, which could jeopardize their chances of securing a sale. Recent data reveals that only 246 homes were auctioned across Victoria this week, primarily due to the looming AFL Grand Final, with a mere 50 percent scheduled for Saturday. This marks a stark contrast to the previous year, where Saturday auctions accounted for a significant 86 percent of the total.
As Melbourne’s real estate landscape continues to evolve, the impact of the COVID-19 pandemic has reshaped auction practices. During the extended lockdowns, the rise of online auctions and restrictions on crowd sizes led to an increase in midweek auctions, allowing sellers to take advantage of reduced competition. By 2022, the proportion of Saturday auctions had dropped to 80 percent, indicating a shift in buyer behavior.
Anne Flaherty, an economist at PropTrack, emphasized the potential downsides of reverting to a Saturday auction dominance. “From a buyer’s perspective, having multiple properties to consider on the same day can pose risks,” she noted. Additionally, weekend commitments may hinder buyers’ ability to participate fully in the auction process, making weekday auctions a more viable option.
In a recent midweek auction, a property at 7 Roma Parade in Upwey achieved a remarkable sale price of $1.675 million, showcasing the success of weekday events. The auction, held just before the AFL Grand Final, drew significant attention, demonstrating that midweek auctions can attract serious buyers even during high-profile events.
Greg Brydon, a senior auctioneer with Ray White Cheltenham, has recognized the advantages of increasing midweek auction opportunities. “There’s less competition from other sellers, and buyers are typically more inclined to attend the first auction they encounter, making Saturday a fallback option,” he explained. This strategy has proven effective, as evidenced by the successful sale of 109 Renou Road in Wantirna South for $1,341,500 during a Wednesday night auction.
Another midweek auction at 17 O’Donnell Close in Aspendale Gardens attracted a solid crowd, although the property initially passed in. However, Brydon noted that this approach had successfully engaged two bidders, leading to ongoing negotiations over the weekend.
Other real estate agents are also embracing the trend of midweek auctions, often in surprising locations. For instance, a property at 60 Henry Street in Melton sold for over $100,000 above its reserve price during a midweek auction. Mark Mintoff, an auctioneer with Ray White Melton, reported impressive results, with eight out of the 13 homes auctioned on Wednesday night selling successfully, contributing to a remarkable 70 percent clearance rate.
The evolving dynamics of Melbourne’s property market highlight the importance of adaptability for both sellers and agents. As the landscape continues to shift, midweek auctions may emerge as a strategic alternative for those looking to maximize their chances of a successful sale, particularly in a competitive environment influenced by significant events like the AFL Grand Final.
With the potential for increased buyer engagement during weekdays, the real estate community is keenly observing these trends and adjusting their strategies accordingly. The rise of midweek auctions could redefine how properties are marketed and sold in Melbourne, offering a fresh perspective on the traditional auction calendar.
