Real estate industry

Real estate executives react to Victoria’s roadmap to get out of lockdown

Barry plant Executive Director Mike McCarthy believes that while the industry has been resilient during the tough foreclosure conditions, the new changes are welcome as buyers and sellers are increasingly frustrated with the limitations.

“We have shown as an industry, and certainly as a company, that we can meet the demand of buyers and sellers with individual inspections,” McCarthy said, before noting that it was again. a fairly inefficient method.

“I hate to use the word ‘thankful’, but I think the government has finally recognized that real estate is an essential service here in Victoria. This is the first step, which is great.

“The next step is really to be able to do more than just one-on-one inspections. But that won’t happen until we have at least 80% of the population fully vaccinated and more people up for live auction. “

Mr McCarthy noted that inspections were the most prevalent problem, with much of Victoria’s population and the real estate industry itself receptive to online auctions.

“It’s not ideal, but I think the public has embraced streaming auctions and they believe in it. We have seen huge auction results, even during foreclosure. It’s not that bad, ”he said.

However, Mr McCarthy pointed out that there was still a lot of confusion regarding related services, including photography, floor plans, videography and more.

“There is currently conflicting information on this. There is a roadmap, which is that of Prime Minister Dan Andrews and they are silent on this issue with instructions from the state. And then there’s the national roadmap that says you can’t resume these kinds of services until October 26, ”McCarthy said.

“So we are trying to seek clarification on this at this time. A lot of agencies have just assumed that you can just go and do some photography, but we’re not sure at this point, it’s very confusing right now.

The roadmap currently shows that 70% of eligible Victorians are doubly vaccinated, the Melbourne lockdown would end and on-site outdoor auctions could take place with up to 50 fully vaccinated participants.

However, Mr McCarthy noted that there would be resistance from people who did not want to be vaccinated.

“The unanswered question is what happens to people who have not yet been vaccinated, how do they inspect property? What is the process for this? Asked Mr. McCarthy.

“We cannot effectively prevent unvaccinated people from buying homes and providing shelter for their families. This is a really interesting question that is going to have to be dealt with. We’re not sure yet.

“I think it’s a larger societal issue that’s going to impact a lot of people. The real estate agents, the people behind the bar, wherever they are, they will effectively be the police to check to see if people are double vaccinated, which will present many challenges statewide.

Mr McCarthy said Barry Plant was in favor of rolling out the vaccination.

“We certainly recognize and respect everyone’s right to choose whether or not to have a vaccine, but we certainly encourage anyone who isn’t completely against it or who is just sitting on the fence to seek medical advice to do so.” . We are very encouraging, ”said Mr. McCarthy.

“I think the bigger problem for us is that we are a franchise operation. Each office is individually owned and operated by franchisees. They will each have to decide how they determine how they approach it.

“I think it’s going to become very self-selected in a way, because some vendors will say to you ‘are you vaccinated? Or you can’t do an appraisal of my property ”.

Buyers have already started rushing to inspect

Marshall White Boroondara manager James Tostevin agreed, saying the market was too strong to be affected by the potential loss of buyers who decided not to get the vaccine.

“Our CEO, Simon Jovanovic, said last week that” people are going to live a very calm existence if they are not ready to get vaccinated, “Tostevin said.

“The way things are going with the strength of the market, with the momentum that we have, the numbers of inquiries, the numbers of inspections already on weekends, I don’t think that’s going to hurt us.”

According to REA, buyer demand in Victoria surged over the weekend, with inspection requests in Victoria increasing 382% this week from a year ago. the week

REA Group Director of Economic Research Cameron Kusher explained that Melbourne sellers feared listing properties during the current foreclosure, but buyer demand has not abated.

“The increase in inspection requests in Victoria shows that there has been no shortage of buyer demand, despite the long lockdown,” Kusher said.

It is likely that many sellers have delayed listing their properties until at least one-on-one inspections are allowed. Now that private inspections are back, we anticipate a significant increase in the number of properties coming up for sale over the next few days and weeks.

“As we have seen in New South Wales, the ability to inspect a property allows transactions to continue to occur and results in a more robust housing market.”

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