15th February 2021 / Rob Fletcher: Market Update | 13 & 14 February 2021

Melbourne is mid-way through a strict 5-day Stage 4 lockdown, following a temporary ban on in-person auctions and inspections as the Victorian Government works to get a new COVID-19 cluster under control.

During this time, the Real Estate Institute of Victoria has outlined the temporary restrictions to real estate services and are currently seeking more information for those who are moving home or conducting final inspections for settlement or lease.

'Inspections and opens are not currently permitted. Auctions can only be held online. Owners Corporation Managers and Property Managers who are required to attend to an emergency maintenance matter are likely to be permitted,' the statement revealed.

Over the weekend, approximately 900 vendors across Melbourne were expected to reschedule their Saturday auctions, which saw hundreds of homeowners push ahead with online auctions via virtual platforms or private negotiations.

Advantage Property Consulting Director, Frank Valentic, said pent-up demand and vendor confidence wouldn't be dented if lockdown ended on Wednesday night.

'Demand for family homes and units with land content is so strong at the moment that I don't think lockdown is going to impact confidence,' Mr Valentic remarked.

February 20th is currently tipped as Melbourne's first Super Saturday of the year, after more than 1,000 properties have been scheduled to go under the hammer next weekend.