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The Real Estate Institute of Victoria (REIV) has responded to renewed restrictions sweeping the state, following a spike in COVID-19 cases.
Victorian Premier Daniel Andrews announced the reimposed restrictions, calling it a necessary action to take in response to a climb in coronavirus cases, which have been back in the double digits over the past week. Councils of primary concern include Hume, Casey, Brimbank, Moreland, Cardinia and Darebin.
The restrictions include limiting home gatherings from 10 to five people and outdoor gatherings from 20 to 10 people. Real estate auctions and open homes will continue to be limited to just 20 people.
In response to the move, REIV president Leah Calnan said that the real estate sector will continue to do everything it can to help fight COVID-19 and adhere to the restrictions.
“Auctions and open for inspections will continue to operate under strict regulations,” Ms Calnan said.
“The transaction of property is incredibly vital to our state’s economy, and we will continue to provide this essential service in a safe and controlled manner.
“The REIV has provided members with reference guides and templates to assist them to adhere to the requirements.”
Ms Calnan noted she is incredibly proud of the work and changes implemented by REIV members.
“The proactive initiatives implemented by the sector have helped maintain some stability in the market as evidenced by the data,” she said.
“The REIV’s Residential Market Index for Victoria increased by 1.8 per cent to 125.6 over the past month, showing that despite the pandemic, our market is holding its ground.
“The REIV recorded an auction clearance rate of 74 per cent for May, another indicator of the underlying strength of the market.”
In conclusion, Ms Calnan said: “Victorian real estate is incredibly resilient; virtual inspections, online auctions and video calls will continue to keep clients and investors engaged.”
The new restrictions are expected to stay in place until 12 July. The Premier has not ruled out the possibility of further restrictions should the number of cases continue to rise.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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