A stage four COVID-19 restriction that has banned househunters from physically inspecting Melbourne properties has made the lockdown period a difficult time for buying.
But there’s still plenty those looking for a new home can do to prepare for the market’s expected revival in spring.
Real Estate Buyers Agents Association president Cate Bakos warned buyers to tread carefully when navigating a market in which auctions and home inspections could only be carried out online.
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Residential property auctions and inspections can only be conducted online under the stage four restrictions. Picture: Andrew Henshaw
Ms Bakos gave the green light for those who had physically inspected properties prior to lockdown to proceed with purchases, noting they may even “get a good deal” given vendors would likely be motivated to sell.
But she said “for everyone else, now is not the time to start trying to buy sight-unseen”.
“(A home) might look good in the video and photographs, but properties can feel very different in the flesh,” Ms Bakos said.
“All things going well, it’s six weeks (in lockdown). This is traditionally one of the quietest months of the year anyway.
“Buyers need to keep that in perspective and use this time wisely to be purchase ready.”
She advised budding buyers to use lockdown to obtain pre-approval for a loan so they were ready to go when the market resumed.
They should also study sales of comparable properties in their target suburbs to familiarise themselves with average prices, and form relationships with real estate agents who would “have a lot of spare time right now”.
“Investors can also start chatting to property managers in the area they’re circling to get information about what local tenants want from a home,” she said.
Buyer’s advocate Cate Bakos has warned against purchasing properties sight-unseen.
Would-be buyers should also note the Victorian Government has confirmed services relating to property settlements and moving are permitted under the stage four restrictions — but only for those who have already arranged to do so during lockdown, which is due to end September 13.
The Herald Sun is still seeking clarity over whether this applies to people who haven’t already made commitments.
Buxton Mentone director Matthew Cox said he rarely sold homes to buyers who hadn’t physically inspected them.
But he expected “a lot of traffic online over the six weeks, from people with little else to do but look at property”.
“In this way, we are hoping to build a bank of buyers up so we have a market there when we come back,” he said.
Wakelin Property Advisory director Jarrod McCabe said the 2020 spring selling season could be the most consistent in years, with usual interruptions like the AFL Grand Final and Spring Racing Carnival less likely to impact weekly auction volumes.
“Hopefully supply (of homes on the market) will pick up once we can conduct public auctions again,” he said.
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