Home > Auction Wrap > Market Update | 19 October 2020

Market Update | 19 October 2020

Under the latest announcements from the Victorian government on Sunday, public auctions can now resume with a maximum of 10 people for the first time since stage four restrictions were introduced.

‘It’s very good news,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said. ‘We’re now sending out information to agents because work permits are still required and agents still must work from home,’ she said.

With a swift market rebound now on the horizon, Domain in has already reported that agents have ‘been inundated with calls from vendors and buyers wanting to take part in traditional public auctions on Sunday immediately after the announcement’.

The next phase of eased restrictions will see Melbourne work towards a COVID-safe Summer and COVID-normal 2021, with industry leaders now hoping that the next step will be the return of ‘non-essential renovation work, which would allow prospective vendors to fix up their homes before selling,’ according to Domain. In addition to Sunday’s announcements, Premier Daniel Andrews also advised that private inspections for the purchase or leasing of commercial properties can also recommence.

‘The ability to commence inspections of commercial properties for sale or lease will help with economic recovery and allow business owners to sell, buy or lease properties to rebuild their businesses,’ the REIV has said.

In Fletchers news, my team and I saw 4 bidders participate in his online auction for 6/3-5 Louise Avenue in Mont Albert on Saturday. With several onlookers logging online to watch the event, the auction resulted in a total of 24 bids. Desirably positioned in a quiet and leafy neighbourhood, the 2-bedroom villa unit was originally on the market for $750,000, eventually selling for an impressive $804,000.

Success. It’s a Fletchers thing.

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