Market Update September

Market Update: September

I’m sure it will come as no surprise that the major topic of conversation this week for anyone with an interest in the Victorian property market is the State Government’s ‘road map’ which was released last Sunday, September 6th.

Whilst the extension of Stage 4 restrictions and the ongoing ban on physical property inspections has certainly placed a number of substantial hurdles in the path of anyone wanting to buy or sell real estate before late October, I wanted to emphasise to you that the next six weeks or so will still be a crucial period for home buyers and sellers. In fact, I am viewing the next few weeks as a window of opportunity that will have a profound impact on the success or otherwise of countless property sales in the remainder of 2020.

Make no mistake, all of us at Ian Reid Buyer and Vendor Advocates totally support the REIV’s condemnation of many aspects of the road map. There is no doubt in our mind that providing appropriate housing for Victorians is an essential service, and the ability to inspect a property in order to decide whether it meets your needs is not something that should be denied to law abiding Victorians, (particularly when the real estate industry proved that it was able to facilitate this process with all necessary safety precautions throughout the Stage 3 lockdown). The fact that the Victorian Government has banned home buyers and tenants from inspecting an individual property, whilst allowing facilities like outdoor public swimming pools to open, defies logic in our opinion.

We can only hope that public pressure will encourage the Victorian Government to rethink this strategy. However, in the meantime, if we look ahead to the scheduled easing of restrictions on October 26th the property market is likely to experience a flood of pent-up activity the moment property inspections are allowed. For sellers, this means there are likely to be severe delays in getting tradespeople to attend to tasks around the house, property stylists to fine tune your property presentation, photographers to produce attractive images, videographers, floorplan artists, the list goes on…and that all comes after you’ve selected the most effective agent to handle the sale!

One key to avoiding delays in this abbreviated Spring market is to do as much preparation as you can before the rush. The Ian Reid team has been busy assisting numerous vendors by conducting a digital agent selection process during the lockdown. This process ensures that we’re analysing all recent comparable sales, so price expectations are clear. We’re able to compare agent submissions and appoint the best agent, enabling us to make arrangements with a range of key suppliers so that your campaign gets a head-start on the rest of the market. It is also worth noting that our team has been able to achieve several strong sales despite the restrictions, and we are immediately launching a number of properties onto the market that are suited to selling without a physical inspection, including vacant home sites, development sites, investment properties and some owner occupied homes.

In such a challenging market where volumes are likely to be very high over a short period of time, your strategy and agent selection will be vital. You need to have someone by your side who is organised enough to manage your property in this situation, and who is able to give your property the attention it requires in order to achieve the best possible result.

Our Advocates have years of experience in the real estate industry and are the ideal people to support you if you want to achieve a timely sale in such unusual times. So, if you are considering making a move before the end of 2020, and you would like to discuss the best ways to achieve a great result, our team are available on 9430 0000, so don’t hesitate to give us a call.

In the meantime, please stay safe and follow the social distancing rules. That way we can all get through the current lockdown as quickly and smoothly as possible.

Kind regards,

Ben Reid