The Victorian Government has eased auction and open home restrictions put in place to help prevent the spread of COVID-19, following in the footsteps of the New South Wales, Western Australia and the Northern Territory.
This follows a three-step plan announced by the Australian Government to reopen the economy, to be implemented by individual state governments.
Queensland and South Australia will join Victoria in resuming onsite auction and inspections this weekend, with Tasmania to begin easing bans starting May 18.
But what exactly does this mean for the Victorian property market?
Up until now, auctions and open homes were restricted to online and one-on-one appointments. Put simply, real estate agents can now resume public auctions and open homes – provided these updated social distancing rules are followed:
Auctions are now able to take place at the residential property for sale, provided the auction is attended by no more than 10 people. This does not include the owners or residents of the home, nor any person(s) reasonably required to facilitate an auction. If there are more than 10 people interested in a property, they may join in the auction as long is it done remotely.
A property may now be inspected for the purpose or sale or rental provided the real estate agent allows no more than 10 people to enter the property at any given time. This excludes the owners or residents of the home and any person(s) reasonably required to facilitate the home inspection.
For further information you can review the government New Restricted Activity Directions (No. 7).
What does this mean for the upcoming auctions?
The Real Estate Institute of Victoria is expecting 130 auctions for the week ending May 17, 2020. While numbers have been relatively low, the REIV do note that with the restrictions in place numbers are subject to change.