A strong clearance rate of 92% was achieved over the weekend with many buyers and sellers trying to transact despite Melbourne being in Stage 4 lockdown. 165 auctions were reported, with 60 selling before auction, 90 at auction and there were an additional 183 private sales. Over the next five weeks there will be very few transactions but we are expecting the Melbourne property market to be very active once restrictions are lifted.
With metropolitan Melbourne in lockdown, Melbourne buyers are no longer able to travel to regional Victoria to inspect properties. With Melbournians making up a large percentage of buyers, this could result in some very good buying conditions in Geelong, Ballarat and other regional areas that we have not experienced before. Regional Victoria have Stage 3 restrictions imposed which means regional selling agents can still conduct private one on one inspections for regional residents only.
Geelong in particular is experiencing population growth from Melbourne residents moving there due to affordability, good schools and it is an easy commute to Melbourne whether that be by car or train. The lower price point in Geelong, Ballarat and other regional towns has also resulted in a spike in Melbourne investors due to the higher rentals yields and a lower price point.
There was a lot of confusion last week as to what the Stage 4 lockdown meant for the Melbourne real estate industry with notification that the industry was effectively shut down. This meant for people due to be moving houses in this time were left in limbo. On Friday, there was an amendment announced which now allows final inspections for both rentals and property settlements and people who were due to move house during this time can now do so.
Stay safe everyone and keep positive.
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