The Victorian government has reimposed stricter restrictions for public gatherings to prevent a spike in COVID-19 cases. Will this make a significant impact on the recovering sales market?
Leah Calnan, president of the Real Estate Institute of Victoria (REIV), said the real estate sector will continue to do its part to maintain safety amongst potential sellers and buyers.
"Crowds at auctions and open house inspections will continue to be limited to 20 people. The expected increase to 50 people has been put on hold for now. Auctions and open-for-inspections will continue to operate under strict regulations," Calnan said.
The stricter restrictions in Victoria are expected to remain until July 12.
Calnan said property transactions remain vital to Victoria’s economy, making it a must for the housing market to continue to operate.
"Victorian real estate is incredibly resilient. Virtual inspections, online auctions and video calls will continue to keep clients and investors engaged," she said.
Calnan said the REIV has provided its members with reference guides and templates to assist them in adhering to the requirements.
With the proactive initiatives implemented for safety, Calnan said the sector managed to maintain some stability. In fact, market figures indicate that the state's housing industry is holding its ground.
"The REIV's Residential Market Index for Victoria increased by 1.8 % to 125.6 over the past month. Furthermore, we recorded an auction clearance rate of 74% for May, another indicator of the underlying strength of the market," she said.
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