A ban on Melbourne buyers who are locked down in stage four coronavirus restrictions has impacted regional Victoria’s property markets.
The Department of Health and Human Services confirmed with the Herald Sun that prospective buyers and renters in metropolitan Melbourne could not travel to regional areas for private property inspections.
But those already living in regional Victoria, under stage three restrictions, can still arrange for private inspections of homes.
RELATED: Coronavirus: Melbourne buyers screened in regional Victoria
Coronavirus: Melbourne lockdown residents can still inspect properties in regional Vic
Regional Victoria: Four markets with strong growth prospects despite COVID-19
178 Mollison Street, Kyneton is for sale.
With work to be done, it’s the sort of property buyers ought to inspect themselves.
Real Estate Institute of Victoria president Leah Calnan said city buyers temporarily disappearing from regional markets could take its toll.
“The restrictions will substantially quieten them down the six weeks.” Ms Calnan said.
But agents remain hopeful the pause won’t excessively harm the in-demand markets.
Keatings Woodend agent Sandi Barry-Mueller said a “surge in demand during May and June” had added strength to the market despite two lockdowns this year.
“We usually have half of our buyers from the city, while the other half are local,” Ms Barry-Mueller said.
“But Melbourne buyers are quite fast and furious … one local buyer commented they might actually get a chance to buy something over the next five weeks.”
345 Lauriston Reservoir Road, Kyneton sold before stage four restrictions hit the city.
She expected a quieter month ahead, but encouraged vendors to prepare their properties for a spring sales campaign.
“We still have an amazing amount of Melbourne buyers who want to move here, so as it stands I think we will have another surge when these restrictions lift again.”
Biggin & Scott Ballarat director Francesca Nichol said some prospective vendors had left the market with plans to “relaunch in a month”.
1405 Sturt Street in the Ballarat suburb of Newington is on the market.
It has a $1.75-$1.85m price guide.
“We have a lot of things coming up but we are holding them off the market, so it’s worth people calling us up to see whether they could do an off-market deal with us, or get first access to a property after restrictions,” Ms Nichol said.
The agent this week successfully sold a property via Facetime to a Melbourne couple who never attended a physical inspection.
“They had a building inspector come through to give them the cold hard facts before they decided to buy,” Ms Nichol said.
“While it’s not the same as seeing a property in person, it’s still better than sitting holed up in a Melbourne apartment.”
Ballarat’s property market could be put on pause this month. Picture: Visit Ballarat
Melburnians who had already moved to Ballarat rental properties during coronavirus were also pushing ahead with their search, she said.
Barry Plant Highton director Kieron Hunter said Melbourne buyers competed for properties in his Geelong patch via online auction during the first weekend of stage four lockdown.
That included a Highton property at 278 Scenic Road, which sold $36,500 above reserve for $901,500.
278 Scenic Road, Highton sold via online auction.
One Melbourne buyer bid for the property.
But Mr Hunter said losing Melburnians from the market “hadn’t put the fear in a lot of (Geelong) vendors”.
“Out of auctions we are running, there is usually one Melbourne buyer to about five others in Geelong,” Mr Hunter said.
“The property market is being driven by people who are already in the area and want to stay in the same school zones, but upgrade.”
He said Melbourne buyers were still finding ways to compete, by recruiting relatives or local buyer’s advocates to inspect homes for them.
READ MORE: Why you shouldn’t judge a house by its facade
Flinders ‘treehouse’ has private forest, luxury pool, spa and entertainment areas
Melbourne stage four: Video tours keep property market moving
The post Coronavirus: Regional Victoria property markets hit by ban on Melbourne buyers appeared first on realestate.com.au.