28th September 2020 / Rob Fletcher: Market Update | 26 & 27 September 2020

The real estate industry has welcomed news that private one-on-one inspections have now resumed for residential property in metropolitan Melbourne, with Premier Daniel Andrews having made the announcement on Sunday 27th September.

'Relaxing of the restrictions that have stopped Victorians buying, selling or leasing their property will see a slow and gradual return to real estate transactions in Melbourne. This will be an enormous relief to buyers, sellers and renters alike, many of whom have been suffering severe financial and emotional stress over the past few weeks,' a media release from the REIV stated.

'For our customers, it's really fantastic. It will help those people who are in really tough circumstances,' one agent remarked.

While we await further information from the government regarding this update, Fletchers understands that private inspections will be limited to 15 minute increments. Buyers and tenants from metropolitan Melbourne are permitted to travel outside of their 5km radius to inspect a property, but are not permitted to travel to Regional Victoria to do so.

The impact of the ban on inspections has had an enormous effect on Melbourne's property market this Spring. According to the REIV, the number of auctions in August was down by over 80% compared to recent years, 'with September numbers reduced to under 10 per week.'

Our team is looking forward to conducting inspections using COVIDSafe practices and are available should you have any questions during this time.

In Fletchers news, Director & Auctioneer, Jeremy Desmier successfully sold a classic 3-bedroom home at 14 Yeneda Street in Balwyn North via private sale. The expansive floorplan, which promises grand scale family living, will allow its new owners to restore the home to its original status as a modern family residence or build a new luxury development on its premier site. In our Property Management Department, Annie Ching & Claudia Barrientos successfully leased virtually a charming Victorian home at 5 Shaw Street, Richmond for $725 per week. With a picturesque vasard, renovated interior and private rear courtyard this property was quite popular receiving 11 enquiries, and 4 applications in just 8 days on market.

Success. It's a Fletchers thing.