Market Update | 26 May 2020
As restrictions ease across Victoria, up to 20 people will be allowed at on-site auctions and open for inspections from Monday 1stJune, with the spread of COVID-19 remaining low.
In an official statement from Premier, Daniel Andrews, ‘auctions and open for inspections will be subject to the 20 person limit, plus those required to conduct the activity, with agents also required to keep the contact details of everyone who attends.’
According to Domain, the Real Estate Institute of Victoria [REIV] has welcomed the news, with president Leah Calnan telling Domain it was a ‘very positive’ step forward for the industry.
The news comes as the Residential Property Price Index has revealed that Victoria’s property market has held its ground during the COVID-19 pandemic, showing that residential prices are still stronger than the same period last year.
‘Prices are higher than they were 12 months ago. There are many predictions circling about real estate and the economy in general, but looking at what the actual data tells us, the Victorian market is weathering the storm quite well. With the return of public auctions and easing of some restrictions, we expect the market to soon start gaining the momentum it lost due to the pandemic, said Ms Calnan.
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Tim Heavyside - Fletchers Real Estate 