Metropolitan Melbourne to re-enter lockdown; Record high Covid19 case numbers confirmed; NSW Victoria border closures

Metropolitan Melbourne to re-enter lockdown; Record high case numbers confirmed; NSW Victoria border closures details

 

Updates shared from 9news on Government directives.

 

Further updates from the REIV on return to restrictions on real estate practices.

 

Return to Stay at Home restrictions for metropolitan Melbourne and Mitchell Shire

The Premier has announced today a return to Stage 3 restrictions for Metro Melbourne and Mitchell Shire. While the REIV is working through the details, below is a summary of the key aspects that you should be aware of.

Restrictions apply from 11:59 pm Wednesday 8 July and will be in place until 11:59 pm on Wednesday 19 August 2020.

Residential Property for sale or lease is located in a Restricted Area

1. Inspections: All inspections are to be held by private appointment only.

The potential buyer/ tenant is resident of a restricted area
– Residents of the property should not be present, having left the premises for one of the 4 permitted reasons.
– Inspection should be with one other person only i.e. the agent and one person at a time.
Potential buyer/ tenant is resident of Regional Victoria (not restricted)
– May attend by private appointment only, this will be further clarified as soon as possible.
– Residents of the property should not be present, having left the premises for one of the 4 permitted reasons
– Inspection should be with one other person only i.e. the agent and one person at a time

2. Auctions: All auctions must be held online only.

If the Agent holding the inspection is resident of a Regional (unrestricted) area, they can travel to the property as it is for work purposes.

Residential Property for sale or lease is located in Regional Victoria (not restricted)

Inspections: Opens can continue with a limit of 20 people, no changes required. Potential buyer/ tenant is resident of a restricted area
– Must not attend an open for inspection
– We are seeking clarification if inspections by private appointment will be allowed. The information released so far states, “Obligation on businesses outside of metropolitan Melbourne to check identification as part of records requirement and refuse service to those who reside in metropolitan Melbourne or Mitchell Shire LGA.”
Potential buyer/ tenant is resident of Regional Victoria (not restricted)
– Opens can be conducted as per current guidelines of maximum 20 people and social distancing measures

2. Auctions: Auctions can continue as per current guidelines of maximum 20 people.

Potential buyer is resident of a restricted area
– Can only participate remotely.
Potential buyer is resident of Regional Victoria (not restricted)
May attend in person as per current guidelines of maximum 20 people

If the Agent is resident of a Restricted area, they can travel to the property as it is for work purposes.

Read the full announcement here

The REIV is continuing to work through details as they become available. We will continue to share further updates.

 

Stay safe and care for each other.

 

 

 

The metro areas are showing decline over quarter, which is expected, but still on higher level than previous year (up to 9.4% for houses in middle Melbourne).

 

Keep in mind that the transaction volume has significantly decreased compared to previous quarter or same quarter last year.

There is 25% less sold houses in Victoria for June quarter compared to March quarter, and 30% drop when compared with June quarter last year.

 

Additionally, the increase in median for metro private sales (new record for both house and unit) is most likely caused by the usually high end sales were done via private treaty instead of auction.

 

Regional market looks more stable for houses (+0.1%) and exceptionally well for unit (+12.7%) – FYI units only account for 10% of regional sales (low sample).

The median unit price for regional Victoria is a new record.

 

 

Jun-20 Quarter Mar-20 Quarter Quarterly Change 12 months to Jun-20 Quarter 12 months to Jun-19 Quarter Annual Change
Metropolitan Melbourne
House $865,500 $895,500 -3.4% $865,000 $815,000 6.1%
Unit and Apartment $621,000 $637,000 -2.5% $630,000 $592,000 6.4%
Regional Victoria
House $419,500 $419,000 0.1% $420,000 $405,000 3.7%
Unit and Apartment $336,500 $298,500 12.7% $306,000 $290,000 5.5%
Jun-20 Quarter Mar-20 Quarter Quarterly Change 12 months to Jun-20 Quarter 12 months to Jun-19 Quarter Annual Change
Inner Melbourne
House $1,441,000 $1,492,000 -3.4% $1,495,000 $1,415,000 5.7%
Unit and Apartment $609,000 $632,000 -3.6% $624,500 $590,250 5.8%
Middle Melbourne
House $1,003,000 $1,032,500 -2.9% $1,015,000 $928,000 9.4%
Unit and Apartment $686,500 $720,000 -4.7% $700,000 $650,000 7.7%
Outer Melbourne
House $673,500 $699,500 -3.7% $680,000 $650,000 4.6%
Unit and Apartment $546,000 $547,500 -0.3% $540,000 $506,500 6.6%
Jun-20 Quarter Mar-20 Quarter Quarterly Change 12 months to Jun-20 Quarter 12 months to Jun-19 Quarter Annual Change
Auctions
House $993,500 $1,015,500 -2.2% $1,005,000 $944,000 6.5%
Unit and Apartment $695,500 $709,500 -2.0% $705,000 $657,000 7.3%
Private Sale
House $822,500 $761,500 8.0% $760,000 $740,000 2.7%
Unit and Apartment $596,500 $577,000 3.4% $580,000 $545,000 6.4%

 

Coronavirus (COVID-19) restrictions Victoria
Details on restrictions in Victoria to slow the spread of coronavirus.

 

A return to Stay at Home restrictions for metropolitan Melbourne and Mitchell Shire from 11:59pm on Wednesday 8 July 2020
Announcement made: 3.25pm, 7 July 2020

In line with advice from the Victorian Chief Health Officer, the Victorian Government has announced that metropolitan Melbourne and Mitchell Shire will return to Stage 3 Stay at Home restrictions from 11.59pm on Wednesday 8 July 2020.

This decision was made in response to a significant increase in community transmission of coronavirus (COVID-19) in these areas.

This includes:

Banyule
Hume
Moreland
Bayside
Kingston
Mornington Peninsula
Boroondara
Knox
Nillumbik
Brimbank
Manningham
Port Phillip
Cardinia
Maribyrnong
Stonnington
Casey
Maroondah
Whitehorse
Darebin
Melbourne
Whittlesea
Frankston
Melton
Wyndham
Glen Eira
Monash
Yarra
Greater Dandenong
Moonee Valley
Yarra Ranges
Hobsons Bay
Mitchell Shire

If you live in one of these areas, there will once again only be 4 reasons to leave home:

  • Shopping for food and supplies
  • Medical care and caregiving
  • Exercise and recreation
  • Study and work – if you can’t do it from home

 

Read the full announcement here

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark Errichiello

Director, Licensed Estate Agent, CEA (REIV)

 

P: +61 3 9379 1919

M: +61 408 988 118

E: mark@masteradvocates.com.au or info@masteradvocates.com.au

 

www.masteradvocates.com.au

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Proud Certified Estate Agent Member and Members Council Delegate of the Real Estate Institute of Victoria

 

 

 

Proud Accredited Member of the Real Estate Buyers Agents Association of Australia

 

 

 

 

News Sources in this issue Nine News, REIV, Master Advocates Real Estate Services

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