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It’ll be a hot summer for Victoria’s property market as COVID guidelines and restrictions continue to ease, the REIV has predicted.
In a statement from the state’s professional body, CEO Gil King said the real estate sector is bouncing into a busy summer 2020–21, “buoyed by recent updates to COVID guidelines on open homes and auctions”.
Mr King outlined that, for months, it’s been necessary for renters and home buyers alike to schedule appointments to view a property.
“But after recording 40 consecutive days with no COVID cases, open homes will now be much more accommodating to Victorians in search of a new home.”
For both open homes and auctions, agents using an electronic method of record keeping will be able to accommodate one person per 2 square metres, he outlined.
For agents who prefer to stick with pen and paper, restrictions of one person per 4 square metres will apply.
And while auctions were previously limited to 50 people outdoors, “there is now no limit to the number of people attending, so long as the density quotient is met”.
Commenting on the current conditions for the property market, Mr King said it was pleasing that strong fundamentals and an agile sector has meant that the property market has remained resilient despite 2020’s challenges.
Citing the institute’s own data, he commented that “property prices have remained stable and transaction volumes are back on the rebound”.
The REIV noted more than 2,100 auctions took place over November, in “numbers not seen since the beginning of lockdown in March”.
“December, usually a quiet month, is expected to see yet another lift in auction numbers,” Mr King continued.
Private treaties are also being snapped up quickly, with the REIV noting that homes in metro Melbourne are spending just 25 days on the market, on average, while the regional Victoria figure is sitting at just 43 days before being sold, as at October 2020.
“With Victoria back on its path to post-pandemic recovery and demand flooding back into the market, there’s no doubt we’ll see a strong run home for 2020, which is sure to set the state up for a solid start to the new year,” the CEO concluded.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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