August market update

Market Update: August

Whilst 2020 has been a year that has been marked by constant change, often on a daily basis, the past few weeks have taken this to a whole new level…and the real estate world has not been immune from these changes.

The introduction of Stage 4 restrictions within the metropolitan area of Melbourne has meant that we have had to temporarily close the doors to our office. However, you can be sure that our team is continuing to work remotely and are working as hard as ever on behalf of our clients.

The move to State 4 restrictions has also placed limits on the activities of real estate agents across Melbourne. Property inspections by buyers will not be possible for the next six weeks at a minimum, severely restricting the potential for property sales during this period.

It is worth noting that there are still opportunities for buyers to make offers on any property that they inspected prior to the latest restrictions, just as they can still make offers on a property if they feel able to make a judgement based on any photographs or videos that are available online. Of course, for anyone selling a property in regional Victoria, individual buyer inspections with an agent are still permitted.

What this means for anyone keen to buy or sell property over the next six weeks is that opportunities will be limited, but still possible for some buyers with the right advice and guidance.

In fact, as I write this Update there are a solid number of deals being negotiated on properties across Melbourne, and several SOLD signs have already gone up since the restrictions were put in place at midnight on August 5th.

The key message at this time is that if you’re a buyer, you need to be aware that an increasing number of listings are being offered ‘off-market’, meaning that the only way you will get access to many of these opportunities is through a Buyer Advocate with an extensive network of industry contacts.

Of course, the next six weeks will also be an important time for anyone considering selling in the upcoming Spring market, as this is the ideal time to prepare your property for sale. So, if you would like a confidential discussion about what needs to be done, (and what might be a waste of time and money), our team is always available to advise you.

Remember, if you have any questions about current market conditions, or selling and buying property in general, you can call the team at any time on 9430 0000.

In the meantime, please stay safe and follow the social distancing rules, so that we can all get through the current challenges as soon as possible.

Kind regards,

Ben Reid