Melbourne’s stalled property market should get going again in the coming weeks, after the state government announced that one-on-one inspections of unoccupied homes can go ahead once 70 per cent of the population has had at least one vaccination.
The government says it expects that COVID vaccination rate milestone to be reached by September 23.
“Private inspections of unoccupied premises for a new purchase or end of lease will be permitted but only one household may attend at a time, with the agent staying outdoors during the inspection,” Premier Andrews said during a press conference last week.
There’s no word yet on when on-street auctions might return, with those currently being banned and moved online.
Buyers and sellers have left the market en masse as a result during what is normally the busy spring selling season.
Property listings have in Melbourne have dropped by nearly 20 per cent over recent weeks as people wait for restrictions to ease again.
The auction clearance rate has also taken a steep dive, down to 36.7 per cent on the weekend.
In Sydney, during their current outbreak and lockdowns, one-on-one inspections have been allowed to go ahead throughout and it has helped the market tick along there and Real Estate Institute of Victoria’s president Leah Calnan said it would get things going again here too.
“This will be a really good start for the spring campaigns,” she told Domain.
Ray White chief executive Stephen Dullens agreed it would be a great boost for the market.
“Obviously it’s a good and positive development. It gives customers more certainty,” Mr Dullens told Domain.
“We saw last year where there was a bit of a plan and something to work towards, people could start planning their campaign and decide whether to buy, rent or sell their property.”