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Victoria to hit 80% vaccination target and what this means for real estate

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October 25th, 2021

Hi ,

Auction numbers are rising to levels close to what a normal Spring season should be with 968 auctions reported to the REIV over the weekend. The property market remains strong with the clearance rate hitting 90% over the weekend. 575 sold under the hammer, 292 sold before auction, 8 after auction and there were an additional 193 private sales.

Premier Daniel Andrews announced yesterday that Victoria (as a whole) will move to Phase C of the National Plan due to 80% of 16 plus being fully vaccinated.  From what we understand, open for inspections for properties up for sale and lease will be allowed to return from 6pm on Friday for fully vaccinated people only (this includes staff).  Private inspections will be allowed for people who are not fully vaccinated or partially vaccinated.

Onsite auctions have already resumed with 50 fully vaccinated people allowed to attend onsite.  These will be allowed to continue with bigger numbers from this weekend but again, only for fully vaccinated people.  The selling agents will breathe a sigh of relief by no longer having to stand outside properties for hours on end.  These changes may start to normalise this fast-paced property market that we are currently in.

111 Ludstone Street, Hampton went under the hammer over the weekend and was in very high demand.  The unrenovated, 5 bedroom, 2 bathroom home on 683 sqm was quoted at $1,900,000 prior to auction but the end sale price smashed this.  Four bidders drove the sale price to $2,620,000 which is significantly above the last unrenovated home that sold in the street in May for $2,050,000 which was on larger land of 794 sqm but on the south side of the road.

51A Durham Road, Surrey Hills was also another popular property at auction.  The semi-detached house was quoted $1,600,000 – $1,700,000 prior to auction and the agent received an offer of $1,788,000 mid-campaign and rightly raised the quote range to reflect the rejected offer.  The auction was competitive with three bidders driving the end sale price to $2,170,000.

Have a great week.

Kim Easterbrook

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