Melbourne’s Real Estate Industry was hit with some disappointing news yesterday as the Premier released Victoria’s Roadmap to Recovery.
As it stands, there will be no private inspections allowed in metropolitan Melbourne until the 26th of October in devastating news for buyers and sellers. There had been a glimmer of hope that we were going to reopen at the end of September, but this did not eventuate.
The news is better in regional Victoria where case numbers are very low and the roadmap to recovery should be quicker. However, Geelong has been put on notice due to higher case numbers and, is on close watch.
So for metropolitan Melbourne, we are still in a holding pattern for another six weeks. This means the properties that selling agents have listed for auction next month will need to be postponed. There is also an issue for some vendors who have sold their home and now cannot buy. These vendors could be pushed into the rental market.
For regional Victoria, private inspections and online auctions will continue and possibly public auctions may be allowed by end of November with gathering limits applying.
There will no doubt be an economic fallout for the slow road to recovery, and it is very frustrating for everyone living in Victoria. Let’s hope everyone does the right thing and we can achieve our targets so we can start to live life with some kind of normality again.
Hope you enjoy the sunshine today.
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