Market Update 16th April 2020
By | 16th Apr 20

The Melbourne property market is now shifting more to a buyers’ market where there are less buyers competing and there is still a decent volume of properties. The Coronavirus factor has had a big impact on changing the economic environment in particular due to unemployment with many buyers simply dropping off as they can no longer get a loan.

It has been an interesting time which has come about due to the Coronavirus and the changes which have come about. The state government banned all live auctions and open for inspections which caused some changes in the way properties are being sold. Many of our sellers were initially worried that they would not be able to sell their property which is not the case. People are still selling however there is more work for the agent now with coordinating more private inspections.

Though it was very distressing to get an email stating that Consumer Affairs had changed the open for inspection policy last week which would have meant that occupied properties could not be inspected. This included tenanted properties and also properties which were owner occupied. This notice came out on Thursday night just before the weekend however after some lobbying by the REIV and agents they have modified this rule to include access to properties when the occupant is out doing essential activities and there is a limit on the number of people able to go through at any time. This was a great outcome both for agents, vendors and buyers.