The property market in regional Victoria is all set to bounce back following the recent announcement by the Premier of the “road out” from the current pandemic restrictions.
The prospective easing of public gatherings in regional areas of Victoria is excellent news for buyers and sellers of property alike.
Property inspections will begin again once regional Victoria has achieved a 14-day average of fewer than five new cases per day, and there must be zero cases with an unknown source over a 14-day period.
As your local real estate agent, I know this light at the end of the tunnel will be a great relief. For buyers and sellers, we all feel like our lives have been on hold while the State battled the second wave of infections.
One challenge for us locally is that even if our area achieves the goals required for an easing of restrictions, we must wait until all regional Victoria gets to the same stage.
When the easing does come, all property inspections will have to be by appointment only, and physical auctions will restart so long as they’re conducted outside. Numbers will be restricted, so bear this in mind.
Once we get to “Covid-normal” – the last stage – real estate will revert to its normal state but with social distancing and record-keeping of attendance for contact tracing.
If you’re thinking of selling your property, right now is the time to start making preparations.
It’s true we’ve missed out on the spring selling season, but I believe November and December are going to be incredibly busy as the valve is released on significant pent-up demand.
It’s easy to forget how well the regional Victorian market was doing when the virus hit.
Values had stayed in positive territory for the year ending April 30, rising 3.7% compared with the corresponding period in 2019. The quarterly result was also good news for owners and investors, rising 2.4% in the 12 weeks to April 30.
Now, young buyers are banging on the door of property ownership thanks to the State’s $20,000 first-home buyer grant and stamp duty discounts, plus the Federal Government “Super Saver” program.
To sell quickly and maximise the value of your property, you need to present your home beautifully. It’s not just about impressing prospective buyers but also competing against similar homes in our area that will be on the market, too.
I advise all my clients to take their time in preparing their homes. They should focus on curb appeal to create a fantastic first impression, fix the small problems around your home and undertake a significant decluttering project.