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How Stage 4 lockdowns will impact auctions, inspections and real estate offices

Real Estate Institute of Victoria (REIV) Chief Executive Gil King has confirmed that all real estate offices in Melbourne will be forced to close for at least six weeks.

โ€œWe urge you to avoid assuming what will and wonโ€™t be allowed until the new directions are published,โ€ Mr King wrote in a letter to REIV members.

โ€œWe will advise you as soon as clear information is available.โ€

REIV president Leah Calnan called it โ€œhighly unlikely weโ€™ll see sales transactions over the six weeksโ€, noting that people in the market “donโ€™t buy properties from virtual tours”.

REIV will be meeting with government officials tomorrow to clarify what can and cannot be done.

โ€œI suspect properties will probably remain on the market, but I donโ€™t anticipate weโ€™ll see many new properties go to market in the six-week lockdown,โ€ Ms Calnan said.

โ€œWeโ€™ve got tenants moving out of properties from an affordability point of view, and therefore needing to inspect other properties.

โ€œThe impact is on many levels โ€” not only financial impact to stateโ€™s economy, but also the inability to be able to provide accommodation across the state by selling or leasing.โ€

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Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.