Daily Telegraph Real Estate auction blog: rolling updates from the auction market

A dated red brick house on a strip known to some locals as the 'golden mile' has topped Sydney home prices on what was a bumper weekend of sales.  See the latest property results with our rolling auction coverage

There were about 350 virtual auctions scheduled across Sydney. Picture: Julian Andrews

Extended lockdown has ramped up competition at property auctions this weekend as frustrated buyers scrambled for a depleted supply of available homes.

It came as housing experts warned the biggest impact of the Covid restrictions on property was a massive drop in listings due to nervous sellers withdrawing their homes from the market or postponing auctions.

There were just under 350 auctions scheduled for Sydney this week and another 100 in regional NSW, while there were 22 per cent fewer homes on the market compared to this time last year.

The drop in listings did not coincide with any major fall in buyer demand, leaving home seekers battling with each other for the few properties up for sale in their areas. It's these conditions that have pushed prices up even further.

Agents reported strong bidding at auctions this weekend, with a mix of properties attracting more than 10 registrations. Many of the buyers competing for the homes had been looking since well before the lockdown.

Read on for The Daily Telegraph's rolling coverage of real estate auctions as they happen:

Originally published as Daily Telegraph Real Estate auction blog: rolling updates from the auction market

Updates