Melbourne’s property has got straight back to business in the wake of the state government lifting its ban on private home inspections.
The government announced on the weekend that private property and display home inspections have now got the green light but auctions will still need to be conducted remotely.
Furthermore, buyers who are based in the city still can’t travel to the regions for private property inspections and vice versa.
SQM Research managing director Louis Christopher told Australian Financial Review that typically at this time of year he would expect around 700 – 1,100 weekly auctions but there were just a handful now due to COVID-19.
“With the lifting of the ban on private inspections in Victoria, we are expecting auction listings to materially rise, starting at about three weeks from now,” he said.
“I think auction numbers may get back towards 300 to 400 by the end of October and then potentially rising towards 1000 during Saturday auctions by the end of November.”
Last Saturday in Melbourne there 60 properties under auction and just 11 the week prior.
In a statistic that highlights the damage COVID-19 has done, only 1,675 homes were listed for sale in the past month, a 75 per cent drop compared to the same time last year.