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Private inspections of vacant properties may return within 2 weeks.

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September 6th, 2021

147 auctions were reported to the REIV over the weekend producing a clearance rate of 97%. 72 properties sold at auction, 71 before auction, 329 were postponed and 4 passed in.  In addition, there were 152 private sales.  This time last year there were only 17 auctions.

Victorian premier Daniel Andrews announced at a press conference last week that private inspections of vacant properties MAY be permitted once 70 per cent of Victorians had received at least one dose of a Covid-19 vaccine.  This was estimated to be by the 23rd of September however new data suggests it could be as early as the 18th of September.  Whist this is welcoming news for both landlords and owners of vacant properties, this only makes up one portion of the market.  Virtual inspections may be the only way in the short term to view occupied properties or some vendors may decide to move out into short term accommodation during their property’s sales campaign.

An interesting report was released this morning in regards to the amount of money Australians have saved in cancelled overseas travel.  The figures provided by the Tourism Research Australia found in the financial year to 2019, that Australian’s spent $62.3b on international travel.

The cancellation of this travel has resulted in over $60b being saved and in the pockets of Australians.  Some of this money has been used to purchase property with some buyers increasing their deposits or using extra funds to purchase a holiday house or investment property.  In addition to this, dining out, going to the movies and other entertainment has been very limited, particularly in Melbourne over the past 18 months which has also assisted to an increase in savings for the ones who have managed to stay employed throughout the pandemic.

Properties continue to sell sight unseen with a four bedroom home in Box Hill North selling at auction on the weekend for $1,557,000.  25 bidders registered for the auction of 50 Mersey St, Box Hill North with 5 bidders participating.  The property sold $257,000 over the top of the advertised price range, it is unclear what the reserve price was.

A house in Elwood also sold last week achieving six offers after one virtual open for inspection.  Buyers appear to become more accepting that this is the only way to move forward in the current environment with the saving grace being that builders are allowed to enter to conduct building inspections to ensure the property is structurally sound.

Have a great week.

Kim Easterbrook

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