Home > Auction Wrap > Market Update | 11 May 2020

Market Update | 11 May 2020

After much anticipation, last Friday saw the Federal government officially reveal its roadmap for getting us back to a COVID safe Australia, with hopes to see life returning to normal by the end of July.

The three stage plan, outlining a gradual easing of social distancing restrictions, will see each state and territory implement the steps at their own pace. Victorian Premier, Dan Andrews has made his first announcement in relation to this earlier today, which will allow up to 5 people to visit your home from midnight tomorrow.

Officially, Victoria’s State of Emergency has been extended until 31st May, with Mr Andrews encouraging Victorians to work from home over the next three weeks if they can.

‘I don’t want to see that change in the next three weeks. The fact that we’re going to have literally hundreds of thousands of people visiting family and friends, that’s a big step and a lot of movement that wasn’t happening. We have to be careful not to do too much, too soon’.

Victoria’s Chief Medical Officer, Brett Sutton, has also said that handshakes and hugs are still not recommended at this time.

The gradual reopening of the economy will mean that funerals, weddings, church gatherings and auctions will be able to have more people in attendance than previously allowed. The REIV is currently waiting on direction from the Victorian Government on resuming public auctions and open for inspections.

‘Sales and rental open for inspections and public auctions can safely operate with crowd restrictions, social distancing and other measures. With the flattening of the curve, it is time to ease the restrictions on the real estate industry and help kick start the stimulus for our state’s economy,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan, has said.

The real estate sector currently employs thousands of Victorians, with property transactions contributing over 45% to Victoria’s taxation revenue.

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