Real estate in the Covid-19 era

By now you’re probably sick and tired of reading all the recent news about the shutdown of various businesses around Victoria that are considered ‘non-essential’. However, all this news coverage has resulted in some misunderstandings about the real estate world, so I thought this might be a good time to clarify what’s really happening.

Firstly, you need to be aware that Real Estate Institute of Victoria (REIV) confirmed this week that real estate agencies can continue to operate at this time. Property sales, property inspections and even auctions CAN continue, but like many other businesses are taking extra steps to ensure that the health of our clients and staff is being protected. These include increased sanitation, maintaining social distancing and limiting the number of people inspecting a property at any given time.

It is important that everyone involved in buying, selling and leasing property remembers that we are all dealing with a difficult situation together. The sooner we all do what is required in the current circumstances, the sooner life will begin to return to normal.

With this in mind, the following guidelines are being followed:

  • Property Inspections: Every inspection is now be undertaken as a private inspection, dealing with one set of prospective buyers or tenants at a time. These will be conducted with all appropriate safeguards as recommended by health authorities (including increased sanitation and social distancing).
  • Property Auctions: Yes, despite what you may have read, auctions can still be conducted. However, they must make use of one of the online auction platforms, or utilise telephone bidding, so that buyers are not gathered together in the one place. Either option does require careful planning by the agent and vendor, so feel free to chat with one of our team at Barry Plant Thomastown if you’d like to look at this option.

It is important to remember that the current situation is constantly evolving, so be sure to keep an eye on your trusted information sources to stay up to date with any changes as they occur.

The key piece of information for anyone considering making a move is that there are still lots of people who want to buy or rent a property in Melbourne. Don’t forget that we have had two separate cuts to official interest rates in the past month alone, so mortgage loans in Australia are now at their lowest rates ever and are expected to remain at those levels for the foreseeable future.

If you would like any real estate advice in the current uncertain times, whether you are buying, selling or leasing, you can contact me or one of my team at any time on 9466 3233.

Cheers,

Con Constantinou

Barry Plant Thomastown