30th August 2021 / Rob Fletcher: Market Update | 28 & 29 August 2021

As Victoria closes in on a month in lockdown with no certain end in sight, it looks as though at least some of the Spring selling season will be conducted under restrictions. Currently, in-person inspections and public auctions have been banned, forcing vendors to choose to push forward with online auctions, creatively trying to promote their home, or postponing their property sale.

The lower stock levels have seen interest for properties on the market increase, with a number of homes selling prior to the auction or via online auction only having had a handful of in-person inspections and in some cases, none at all!

Over the weekend, five bidders competed via an online auction for the property at 45 Park Crescent in Kew. Presented in immaculately maintained, mostly original condition, the property boasts stunning beamed cathedral ceilings and a premier corner allotment that could lend itself to future redevelopment (STCA). Auctioneer Jeremy Desmier fielded just 20 bids during the half hour auction, before knocking it down at $1,650,000.

Fletchers Blackburn agent, Connor Sun, sold two properties in Burwood East prior to their scheduled online auctions over the weekend. Both 32 Newhaven Road and 15 Sugarloaf Close received acceptable offers, demonstrating the high level of interest in high quality, well located homes.

The Real Estate Institute of Victoria (REIV) continues to lobby the Victorian government to review the real estate industry and change its status to "essential", to allow inspection of homes. In an open letter to the Premier of Victoria, the industry body states that 'when Victorians buy, sell or rent a property, they are making some of the most significant financial decisions of their lives. And, as a result, it's imperative they're informed and have had the opportunity to undertake critical due diligence.

We wholeheartedly agree, and also urge the Victorian government to remove the ban on private inspections to ensure that the unnecessary burden on homeowners is removed and those seeking access to rental properties can put a roof over their heads.

As with many other industries, the consequence of ongoing lockdowns is seeing people experience hardship – many people have bought and need to sell, for example, or have sold and need to buy. As the lockdown continues, many are being forced to undertake these key transactions virtually or sight-unseen.

We do expect that once the market does reopen, there will be a flurry of activity as homeowners who have held back due to the restrictions will scramble to get online as quickly as possible. We encourage you to reach out to your agent and start a conversation now about your options if you're considering selling this year. Many vendors are working with their agents to facilitate online inspections for keen buyers, and of course, authorities and contracts can be completed digitally.

Please stay safe and well.

Success. It's a Fletchers thing.