Buoyed by recent updates to COVID guidelines on open homes and auctions, the real estate sector is bouncing into a busy summer 2020-21.
For months, it’s been necessary for renters and homebuyers alike to schedule appointments to view a property. But after recording 40 consecutive days with no COVID cases (as of December 9), open homes will now be much more accommodating to Victorians in search of a new home.
For both open homes and auctions, agents using an electronic method of record keeping will be able to accommodate one person per two square meters. Agents preferring pen and paper have increased restrictions of one person per four square meters. With auctions previously limited to 50 people outdoors, there is now no limit to the number of people attending, so long as the density quotient is met.
Pleasingly, strong fundamentals and an agile sector has meant that the property market has remained resilient despite 2020’s challenges. Real Estate Institute of Victoria data reveals that property prices have remained stable and transaction volumes are back on the rebound.
More than 2,100 auctions were recorded in November – numbers not seen since the beginning of lockdown in March. December, usually a quiet month, is expected to see yet another lift in auction numbers, having recorded 600 across the state in the first week alone, with a clearance rate at 74 per cent.
Homes sold by private treaty are also selling fast, with homes in metro Melbourne spending an average of just 25 days on the market and 43 days in regional Victoria (October 2020) before being sold.
With Victoria back on its path to post-pandemic recovery and demand flooding back into the market, there’s no doubt we’ll see a strong run home for 2020, which is sure to set the state up for a solid start to the new year.
Work with an REIV Member in your area by heading to reiv.com.au/ choose-a-member.