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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.

“We urge you to avoid assuming what will and won’t be allowed until the new directions are published,” Mr King wrote in a letter to REIV members.

“We will advise you as soon as clear information is available.”

REIV president Leah Calnan called it “highly unlikely we’ll see sales transactions over the six weeks”, noting that people in the market “don’t buy properties from virtual tours”.

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

“I suspect properties will probably remain on the market, but I don’t anticipate we’ll see many new properties go to market in the six-week lockdown,” Ms Calnan said.

“We’ve got tenants moving out of properties from an affordability point of view, and therefore needing to inspect other properties.

“The impact is on many levels — not only financial impact to state’s economy, but also the inability to be able to provide accommodation across the state by selling or leasing.”

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