3rd August 2020 / Rob Fletcher: Market Update | 1& 2 August 2020

As Melbourne enters stage 4 lockdown restrictions and Victoria declared a 'state of disaster', the six-week period until September 13th will see a nightly curfew between 8pm – 5am in metro Melbourne for all non-essential activities.

In addition, residents cannot travel more than 5 kilometres from home for exercise or shopping for necessities, outdoor exercise will be limited to 1 hour per day (with one other person), weddings are set to be banned from Thursday and only one person per household will be able to get groceries each day.

In response to the changes, Premier Daniel Andrews said that 'all of these changes are about limiting movement and limiting the number of people we come into contact with.'

Pending further announcements from the State government later today, REIV President, Leah Calnan said they are waiting on advice on how the stage 4 lockdown could affect Melbourne's property market.

'We're confident that private inspections and online auction platforms will continue during these tightening of restrictions. As an industry, we know how privileged we are to be able to continue to work through these difficult times and we know our responsibility in supplying shelter to our consumers, whether it's selling or seeking a new home,' she said.

Over the weekend, an auction clearance rate of 87.5% was achieved across the Fletchers group, a 9.5% increase from the state-wide result.

In Mont Albert North, the 3 bedroom property at 4/27 Francesca Street was successfully sold by Director & Auctioneer, Tim Heavyside, via online auction on Saturday.

'Four bidders threw their hats in the ring and after an opening offer of $850,000, the property eventually sold under the hammer for $920,000. Excellent results are still being achieved,' Mr Heavyside said.

Results. It's a Fletchers thing.