Home > Auction Wrap > Market Update | 14 September 2020

Market Update | 14 September 2020

While Melbourne’s property market effectively remains in hibernation until the end of October, the current ban on private one-on-one inspections has seen thousands of Victorians caught in limbo.
‘No one can inspect anything. There are literally hundreds and thousands of people who’ve lost their jobs and are struggling with mortgages and struggling with rent. They are in genuine financial distress or there’s illness, or divorce. This is about so much more than the real estate industry – it’s about the basic human need of shelter,’ one agent reported.
Among those struggling with current restrictions include buyers who purchased a property prior to lockdown and need to sell, vendors who sold their property and need to buy, unemployed tenants who are struggling to afford their rent and mum and dad landlords who are trying to keep their mortgages afloat.
As the sector seeks to bring forward the timeline to allow private inspections, the Victorian Government’s road map to reopening revealed that in-person inspections would be able to resume if the state recorded fewer than five daily cases over the two weeks prior to October 26.
‘Stress, anxiety and financial pressures could be avoided with very minor changes to the current restrictions,’ said Real Estate Industry Partners CEO, Sadhana Smiles.
While an increasing number of Victorians face financial difficulty due to the impact of COVID-19, the real estate industry remains committed to providing this essential service using COVID-safe practices and hopes the proposed date to reopen can be brought forward to assist buyers, sellers, tenants and landlords in need.
Categories: Auction Wrap
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