Ban on physical inspections of occupied properties overturned
Over April’s first two weekends the Real Estate Institute of Victoria (REIV) recorded more than 262 online auctions. 36 homes sold at auction, 25 were passed in with 6 on a vendor bid.
A ban on physical inspections of occupied properties was suddenly declared on Good Friday by Consumer Affairs Victoria. But after an outcry from the Real Estate industry the ban was overturned by Easter Monday.
The industry argued that the prohibition of physical inspections could displace many people who had already sold a home and now needed to buy or rent another. Also, those who had been forced to sell. Plus those renters who need to find new homes because of changes in circumstances.
Prominent industry figures including the REIV CEO Gil King and REA Group Chief Executive Owen Wilson made a direct appeal to State Premier Andrews highlighting that ‘shelter as a basic human requirement, and the ability for people to find shelter is mainly through a real estate agent.’
Market conditions under Covid-19 are evolving week by week. Sales are still happening by online auction, private treaty and of course off-market, with the industry finding ways to accomplish sales.
Melbourne is meeting the challenge
Many Melbourne businesses are also stepping up to the challenge and adapting. Leading caterers Blakes Feast (renowned for Royal Botanic Gardens events) are now solely focusing on their ‘Blakeaway’ home delivery, with new weekly menus prepared by fully qualified chefs. It’s business, just not quite as usual.
Optimistically, the current flattening infection curve suggests Australia is heading to a point where there will be very few new cases. If this trend continues the Melbourne market could bounce back faster than expected.
Looking forward the shape of the broader economy is uncertain but history shows bricks and mortar has a good track record of holding value through economic crises, as a safer haven than the stock market.
Principal Advisor &
Licensed Estate Agent
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