7th September 2020 / Rob Fletcher: Market Update | 5 & 6 September 2020

Victoria's roadmap out of coronavirus lockdown restrictions was finally revealed on Sunday, with the re-opening of the state delayed due to 'unacceptably high coronavirus case numbers,' Premier Dan Andrews has said.

Outlined in four steps, the latest announcement will see outdoor auctions, private appointments and inspections delayed until step three on October 26th, subject to COVID-19 case numbers being lower than 5 per day over a 2 week period.

In response, the Real Estate Institute of Victoria has slammed the state government's decision to keep the property market shut down for an uncertain period, highlighting that 'people who desperately need to buy or lease a property will have to make that decision 'sight unseen''.

'The REIV is calling on the government to allow one-on-one private appointment inspections of property so that people can physically see the property before they commit to a huge investment. Without inspections, buying and leasing cannot proceed, keeping many people out of appropriate shelter,' the REIV has stated.

According to Domain, 'some activities will be allowed in the second step due to begin next week, which will include things that can't be done remotely for the commencement or the end of a lease, such as removalists or settlements, if they need to be done in person'.

Charter Keck Cramer Research Director, Angie Zigomanis, said that while real estate activity contributes heavily to state revenue, he could understand why the government is apprehensive to allow it to return to normal.

'The government is more willing to bear the loss now than bear continued losses down the track. If you can get the economy back to normal later or as close to normal, that's going to be a better result than opening and shutting the economy again and again, ' he said.

In other news, Fletchers Balwyn North Partner & Auctioneer, Jack Peng achieved our highest sale across the group last week. 6 Tyne Street in Camberwell, a 5-bedroom, 2-bathroom sparkling entertainer on 1,331 square metres, positioned in a perfect family neighbourhood, sold to its new owners above the $3 million dollar mark.

Success. It's a Fletchers thing.