Market Update 11th August 2020
By Advantage Property | 11th Aug 20
We saw another mistake by the Andrews government as private real estate inspections have not contributed to any Covid19 cases so do you justify why no inspections of current sale and rental properties can take place now when many of our vendors and landlords are suffering financially. Melbourne’s property market had a 92% clearance rate from a lower volume of 165 auctions.
The new stage 4 lockdown and no private inspections has been shattering news for a number of our Landlords who have their properties for lease and Vendors that have their properties for sale through our Vendor Advocacy service. These clients have had to literally stop their leasing and sales campaigns and put things on hold. This is after many of them are already facing many financial challenges as many of our clients are now on Job Keeper or Job Seeker, with many of them losing their jobs or having their hours reduced.
It has already been a very tough time for many of them and then to be hit with a 6 week hold on their properties, especially when many of them are vacant and don’t have any income coming in during this period is very difficult. We have had many of our Vendor Advocacy clients who were just about to start campaigns and had already had hire furniture installed and properties advertised on the internet, now having to wear 6 week holding costs. This is extremely disappointing for them and I think very disappointing that the government has imposed these restrictions as there have been no known cases of Covid linked to the real estate industry.