Melbourne Property News Monthly Wrap – April 2020

Read our FREE eBook and get the most out of buying with our 4 steps to success CLAIM YOUR FREE EBOOK

Melbourne Property News - Buyer Marketing

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.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing


Want to get the best outcome with your property purchase?

Enter your details below to download our Essential FREE Property Buyers Guide and learn our 4 steps to success!

1. Search – how to find the ideal property to match your needs
2. Evaluation – what you need to evaluate with your potential purchase
3. Acquisition – secure your property with minimum fuss and for the best price
4. Legal & financial requirements – how to ensure all is in order with the property and sale documentation

  • This field is for validation purposes and should be left unchanged.

Buyer Marketing – Melbourne’s most experienced buyer advocates will not disclose any of your personal information.