We’re always busy here at Chamberlain Property Advocates and lockdown periods are no exception. There’s always work to do, even when restrictions prevent us from attending auctions and property inspections.
The lengthy periods of lockdown we’ve experienced since mid-July have had a heavy impact on the real estate sector. We thought we’d share some insights into the challenges some buyers and sellers are facing under the current restrictions.
Firstly, as we outlined in this blog published on 6th August, under Stage 4 restrictions, live auctions and face-to-face property inspections have (to date) been prohibited under all circumstances.
Following the Premier’s announcement yesterday, we now know that a slight easing of restrictions is planned for September 23. Under these eased restrictions, property inspections will be allowed for new purchases and end of lease situations. Live auctions will remain under a complete ban.
The challenges facing buyers and sellers at the moment have arisen due to the inability to conduct live auctions and property inspections. Many buyers are simply reluctant to purchase a property without seeing it in person.
Sellers are also quite wary of selling in this climate. We’re seeing clear evidence of this in the disproportionate number of properties either withdrawn from sale, or postponed from auction, week after week.
One client we’ve been working with now has less than 60 days before the end of his lease. The owner of his home is planning to sell it. He’s very keen to buy a property within that timeframe, but the current restrictions and consequent shortage of listings are making it very challenging.
It may end up being necessary to find another rental while his house-hunting continues, which will involve all the stress of moving house, only to have to move again when he finally secures a home of his own.
Another situation that has raised concerns from real estate experts is the increase in purchases from desperate buyers who have never physically seen the house they’re buying. It’s true that online sales and virtual auctions take place frequently in real estate these days. Nevertheless, some industry professionals remain wary about buyers getting too influenced by emotion without having spent time inspecting their new home. Alanah Frost shared insights from a number of industry experts in an article published this week.
With optimum weather for property auctions now starting to arrive, we eagerly hope that live auctions can resume sooner rather than later.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
We do offer our negotiate service for those buyers in the market looking to pounce on opportunities that arise. Get in touch if you’d like to know more.
Ask about our Home Buyer Search and Acquisition Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
