July 2021: Delta lockdowns return — and prices keep climbing

By mid-2021 the lesson of 2020 was priced in: lockdowns reduced transaction volume but not price. Auction clearance rates fell — and unconditional sales above reserve held above 70%. Vendors who couldn't show didn't list. The listing-deficit story compounded.

The bigger story for new-build investors was timber. Structural pine prices rose ~50% from January to July 2021. Builders began passing variation orders to clients mid-contract. The 'fixed-price contract' was no longer a hard floor.