March Market Update

Market Update: March

It’s difficult to believe, but when I sat down to write my last Update (just over a month ago) the words ‘coronavirus’, ‘social distancing’ and ‘lockdown’ didn’t even get a mention! How quickly things can change!

Clearly, the events of the past few weeks have had a major impact on many aspects of our daily lives. However, I thought it was important to point out that whilst the methodology may have changed, property is still being sold around Victoria. Yes, some vendors have put their plans on hold, and buyer enquiry levels have eased, but there are still people who want to secure their next property just as there are still people who want to sell as part of the same process.

The following guidelines are being enforced by agents:

  • Buyer inspections:Every property inspection is now be conducted as a private inspection with a maximum of two buyers in the property at any one time. These inspections include all appropriate safeguards as recommended by health authorities (including increased sanitation and social distancing).
  • Property Auctions: Despite what you may have read, auctions can still be conducted as long as they make use of an online auction platform or utilise telephone bidding. Each of these options requires careful planning by the agent and vendor, so feel free to chat with one of our team at Ian Reid Vendor Advocates if you’d like to explore this option.

It is important to remember that the current situation is constantly evolving, so be sure to keep an eye on our website and social media channels to stay up to date with any changes as they occur.

What we can say with some certainty is that now more than ever, having an experienced Advocate by your side when buying or selling property can make a huge difference to your result. Whether you want to maintain ‘a social distance’ during the entire process by having your Advocate take care of all the details on your behalf, or you are looking for experienced guidance on navigating your way through an increasingly complex market, the team at Ian Reid are here to help.

As we look towards the months ahead, we are expectiong the volume of property sales to drop to unprecedented levels as the impact of the COVID-19 is fully realised. With the Banks currently taking a flexible approach to households affected by job losses and the Government’s relief measures providing some support in the short term, the full impact on the property market may not be felt for some time to come. We have no doubt that prices will fall to some degree, but how far they’ll drop and how quickly they bounce back, will not become apparent until we see the results of any Government measures to stimulate the economy, and until the Banks lose their current benevolent mindset on mortgages.

As worrisome as it may be, some sellers may find that the current market, with very little competition, turns out to be a better time to sell than later in the year.

Remember, we are all in this together, so if you have any questions or need some property-related advice, don’t hesitate to call on us.

Stay safe,

Ben Reid