Spring selling season may have gotten off to a slow start in Melbourne, but the announcement over the weekend that real estate auctions can now occur with a maximum of 10 people should help spur it into action.
In addition, Premier Daniel Andrews announced that commercial real estate inspections can now occur in Melbourne, an oversight which had left REIV President Gil King “bewildered” by the failure to apply the same treatment for residential and commercial properties.
“The news yesterday of the relaxed restrictions is great for the real estate industry, which during this peak time of year will assist both the buyer demand and the vendors wishing to sell,” says Warren Hulstaert, Director of Century 21 Hulstaert.
“Six months has been a long time for owners and buyers to wait,” he continues.
“We are already seeing strong buyer activity and competition between buyers.
“We have been incredibly busy the last two weeks with buyer inspections, and the news of 10 people at public auctions will encourage owners to list their property for sale.”
The influx of interest once one-on-one residential property inspections were allowed at the end of late month clearly showed the need to remove all restrictions in real estate operations.
“There has been an enormous amount of pent up demand during lockdown with the inability to move,” says Emily Adams, Property Partner at The Agency Port Phillip.
“Since we have been able to get back to work and host one-on-one inspections it is very clear that buyers are eager to move quickly and secure a home.
“The changes announced yesterday, with public auctions allowed to be held with restricted numbers, brings immediate transparency back to the marketplace which buyers love and appreciate.”
Leon Lee, Principal, RE/MAX ACPA, Point Cook, also welcomes the further easing of restrictions.
“With increased numbers allowed to attend auctions, it increases our opportunity to pre-qualify buyers,” he explains.
“Having a greater number is better for the sellers in every way. We have remained busy with one-on-one inspections. We’ve been back-to-back and expect that to continue.
“The weekend announcement on real estate will lift the mood overall, which has wider implications for personal and economic health and well-being. And speculation of more easing come November 1 raises people’s spirits.”
Leah Calnan, President of REIV, is pleased that things are getting closer to normal.
“This decision is recognition that the real estate profession can be trusted to conduct inspections and auctions in a safe and responsible manner,” Ms Calnan notes.
“We have done so previously, and will continue to do so, for the benefit of all Victorians.”