An auction clearance rate of 78% was achieved over the weekend on 176 auctions and last week, there was an additional 154 private sales. In comparison, last weekend there were 292 auctions. Stock levels have been declining due to the recent spike in Covid-19 cases and vendors holding off selling their properties.
There is no need to elaborate too much on the state of the Melbourne property market today as we are expecting an announcement from Victorian Premier, Daniel Andrews, that could impact the way the Real Estate Industry trades over the next six weeks.
Once I have some clarity as to what the Stage 4 restrictions mean for buying/selling and leasing of residential properties in Victoria, I will send out a comprehensive outline of what we can and can’t do.
As at right now though, in Metropolitan Melbourne, there has been no change so we can still inspect and open properties via private inspection where one person is allowed through with an agent at any one time. Auctions are to be held online. In Regional Victoria, the implementation of Stage 3 restrictions means that there are no more open for inspections to be held, all inspections are to be via private appointment only and auctions are to be moved to an online platform.
For today, it’s business as usual, tomorrow though, is likely to be a different story.
Stay safe everyone and keep positive.