Melbourne Property News Monthly Wrap – September 2020

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Inspections are on again. About time!

Over September’s 4 weekends the Real Estate Institute of Victoria (REIV) recorded more than 55 online auctions. 21 properties were sold at auction, with 7 passed in. 5 of those on a vendor bid. 23 properites were sold before auction. More than 489 private sales were reported over the month.

Hooray! After eight weeks of severe lockdown, public pressure has forced the government to start easing the restrictions on real estate sales activity. It’s great news for home sellers and the Spring market is rolling again.

How the first inspections work

Agents can now do home appraisals in person.

Home buyers can now inspect a property for sale, in the company of one real estate agent. The potential buyer can also be accompanied by a partner, or a housemate, or their own children. Inspections also have a 15 minute time limit.

Residents of metropolitan Melbourne can inspect homes anywhere in the metropolitan area but not in Regional Victoria. Likewise, residents of Regional Victoria can inspect homes in regional areas but not in metro Melbourne.

Photographers get access to interiors

Marketing Services of photography, videography and styling are permitted, but only one service provider can attend at a time, accompanied by one real estate agent. 

If an interested buyer wants more than 15 minutes to inspect a property, they have to request more scheduled appointments. This red tape has pretty poor logic but typifies some of the conditions currently imposed on the industry.

But the great news is the end of the tunnel is indeed in sight – and it’s shiny Spring light!

It’s anticipated that restrictions will be reviewed week by week and will continue to lift.

Crystal balling

Based on both national and global markets which have bounced back with vigour, property experts predict the Victorian property sector will follow suit.

With pent up demand and strong buyer interest should see a bouyant 4th quarter and close to 2020.

Stay well everyone!

Craig Knudsen
Principal Advisor
Vendor Marketing

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