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How have Stage 4 Restrictions affected the property market?

The real estate industry in Victoria has been working under a variety of restrictions since March this year and there has been a very healthy level of real estate activity during this time. In fact, in June and July, Barry Plant sold more properties than they did in those months last year!

These Stage 4 restrictions are the first time our Melbourne Metropolitan agents been unable to conduct any private inspections of properties. But that hasn’t stopped activity. A lot of people had already inspected homes before the lockdown and had put in offers. In fact in the week 2nd of August to the 9th of August, using our technology, we remotely sold 207 properties and 160 properties were settled.

First home buyers are very active in the market and homes appealing to that demographic are attracting lots of interest, competition amongst buyers and good prices.

We believe there is a lot of pent up demand for homes and that when restrictions are relaxed again, there will be a flurry of activity.

If you look at New Zealand as an example, when they eased restrictions after their lockdown, the market rebounded quickly and values not only held, but they increased.

If you'd like to know more, talk to your local Barry Plant.