property sales in lockdown

Which properties are selling in the lockdown?

You could be forgiven for assuming that the Stage 4 lockdown on property inspections in Melbourne would have seen property sales come to a virtual halt. The good news is that this is not necessarily the case, but it depends on what type of property you are keen to purchase.

One obvious example, given that it can normally be inspected by an individual buyer without an agent being present, is vacant land. With the Federal Government currently offering extra incentives for families to build a new home via the HomeBuilder program, it is no surprise that vacant homesites around the suburban fringe are experiencing quite a bit of buyer activity in the current market.

For much the same reasons, house and land packages in the various new estates around Melbourne are also experiencing strong buyer interest, particularly where buyers had previously inspected display homes before the lockdown, and therefore know exactly what plans and finishes appeal to them.

Another market segment that is still seeing sales activity at the moment is off-the-plan sales of apartments and units, as a physical inspection of these properties has never been a possibility other than through a display suite.

We are also aware that quite a few agents around Melbourne have been receiving strong enquiries on run down homes that are likely to demolished by the new owners who are more interested in building a new home or even multiple residences. In cases like these the state of the existing house is almost irrelevant, making an internal inspection unnecessary.

The other situation where we are still seeing activity is where buyers had inspected the home before the lockdown. There are still quite a few buyers in the market with tight deadlines, such as those who sold before the lockdown and who need to secure their next property, who are reconsidering the properties that have previously inspected and are submitting offers without needing another inspection.

Purchasing property in such a challenging environment certainly increases the importance of having an experienced advocate working with you throughout the process. If you need help in finding the right property to purchase, or you want some objective advice on weighing up the right time to buy or sell, be sure to give us a call at Ian Reid Vendor Advocates on 9430 0000.

You’ll also find lots of helpful suggestions in our free booklet, “Fatal Real Estate Traps Exposed”.