property hot spots

Real Estate in Victoria’s hot spots

In years gone by, there were numerous property investment advisors who would talk about where the next real estate hot spot was going to be. Today, of course, when people talk about the hot spots around Melbourne, there is a vastly different meaning attached.

This week’s announcement by the State Government of the introduction of tighter restrictions in 36 suburbs across Melbourne’s north and west and north-west due to coronavirus hot spots has impacted on numerous aspects of life in those areas, and real estate is one of them.

If you have been looking at buying a property in one of these hot spots, you need to be aware that

public onsite auctions and open houses are now banned again in these areas. This means that agents will be shifting affected auctions to an online platform, or moving the auction itself to an office that is located outside the affected areas.

The current indications are that these restrictions will apply to public auctions and open houses in the targeted postcodes for the next four weeks at a minimum, and will cover inspections on properties for sale and for rent.

It is important to remember that these restrictions will not apply to areas outside the hot spots, so it is important to check the postcode of any property you may be interested to confirm any changes to inspection arrangements.

For the record, the affected postcodes are:

3012; 3021; 3032; 3038; 3042; 3046; 3047; 3055; 3060, 3064.

The ever-changing conditions and regulations in the current property market are one extra reason that having an experienced Advocate by your side is so important when buying and selling property. Experienced and objective advice that is tailored to your specific goals and circumstances is vital. So, if you would like an obligation-free chat with an Advocate, you can us on 9430 0000.

You’ll also find lots of helpful tips on how to avoid expensive mistakes when selling a property in our booklet, “Fatal Real Estate Traps Exposed”. You can DOWNLOAD IT FOR FREE while you’re here.