After a long lockdown over autumn and winter, the sun is finally starting to shine on the Victorian real estate market.

After months of lockdown and heavy restrictions, Victorian real estate is returning to regular operation and optimism is flooding in.

Throughout lockdown, our market displayed strong resilience, with Melbourne house values staying strong despite Coronavirus and houses in Regional Victorian increasing in value by 5.1% over the September 2020 quarter. 

While  transaction volumes have been lower this year interest from buyers has remained high leading to stability in prices.

The relaxation of restrictions has led to increased property listings in Victoria. Real estate inspections for lease or sale can now have up to 10 people from multiple households.

Victoria is quickly regaining its reputation as the auction capital of Australia.

Auctions numbers continue to build from less than 30 auctions a week in early October to over 400 weekly auctionsin early November.

Clearance rates are consistently over 80% indicating strong demand from buyers.

There has never been a better time to invest in Victorian property with interests rates hitting a record low. 

The Reserve Bank of Australia this month officially lowered its rates to 0.1% with most major lenders following suit.

Since the lowering of rates, our members are are reporting that they have been hit with a flurry of interest.

With the barriers gone, buying or selling is a far more streamlined process. Real estate agents are maintaining all the safety protocols required to help clients with their property transactions. People can be confident that that REIV members  will be going above and beyond to conduct business in a safe and efficient manner, helping stop the spread of of COVID-19.

Victoria’s real estate market is expected to be active over the summer, making up for time lost earlier this year.  

As always, if a buyer or a seller is looking for objective information on the market or an agency– they should visit reiv.com.au.

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