The property market in the midst of COVID-19
From the beginning of lockdown in Victoria, it was apparent that the property market was about to enter into an extended winter hibernation. Rules governing house inspections, on-site auctions and even pre-settlement inspections became extremely strict, with many vendors turning to videos and 3D tours to gain the competitive edge over the quiet, stagnated market. Domain even described the Melbourne property market in this particular lockdown period as being "frozen". Yet with the warm breeze of spring, Victoria's lockdown restrictions began to ease. We have now seen the return of in-person inspections, pre-settlement inspections, and even on-site auctions; a sight many thought may never be seen again before the end of 2020. Agents, vendors and purchasers alike have all adapted to the new COVID-normal way of buying and selling property.
Furthermore, with many Melbournians seeking to make their long-awaited tree change to the country, regional Victoria is experiencing a property boom. Regional towns like Mildura and Horsham in particular have enjoyed strong property sales, despite the COVID-19 pandemic this year. With more Victorians realising that working from home is of paramount importance, there has also been a greater demand for properties with home offices, or spare bedrooms able to be converted into a practical office space. Confidence in the market has certainly increased in recent months, and with our new, perhaps slower-paced way of life, we may indeed see a continual growth in regional property markets. One thing is for certain, with all the time that we have spent at home, and with summer looming ever closer, it is the perfect opportunity to finish those home improvement projects and enjoy long-awaited gatherings with family and friends.