Newsletters 2020
How is Victoria’s real estate market tracking since restrictions eased?
SINCE we brought you news last month we have seen the resumption of outdoor auctions in Melbourne and more easing of restrictions. And the real estate market continues to be busy in the lead up to Christmas.
Victoria’s property market is set for a strong finish to a very unusual year
THERE has been more good news over the past month for Victoria’s property market. Following the resumption of in-person private inspections at the end of September, as of midnight on Sunday, October 18 outdoor auctions were also allowed with up to 10 people in attendance, excluding auction staff. In more good news, Melbourne will exit lockdown on Wednesday.
What can we do for you over lockdown?
PHYSICAL real estate offices are closed in Victoria, but the real estate industry is still operating, and Property Mavens is open for business. Services allowed during this time are those required for the end or start of a lease and those related to completing a property settlement, as long as requirements are adhered to, including one person in a property at a time and the wearing of face masks. All other inspections to buy or sell property, including auctions, are online only.
What can we do for you over lockdown?
PHYSICAL real estate offices are closed in Victoria, but the real estate industry is still operating, and Property Mavens is open for business. Services allowed during this time are those required for the end or start of a lease and those related to completing a property settlement, as long as requirements are adhered to, including one person in a property at a time and the wearing of face masks. All other inspections to buy or sell property, including auctions, are online only.
Melbourne’s real estate industry is still open for business
WITH the property industry now having experience working online, it has continued to operate seamlessly over the past few weeks with the return to Stage 3 restrictions in metropolitan Melbourne and the Mitchell Shire. Auctions continue to be conducted online, as well as inspections in those areas where face-to-face meetings cannot take place
What’s the latest for real estate Victoria during COVID-19?
In case you missed it, the REIV released figures this week showing Melbourne’s property market reached a record high over the first quarter of this year.
The city’s median house price rose by 3.7% to $893,000, while units rose by 0.6% to reach a median of $641,000, demonstrating the strength of the market pre COVID-19.
Victoria’s market is moving as restrictions start to ease
Since we last brought you news a month ago there has been some lifting of COVID-19 restrictions in Victoria, with more to come, and the property market is picking up again.
While the market is experiencing the most unusual time I can recall, the business of life goes on, including the buying and selling of real estate.
Property Mavens is operating, helping clients through our extensive network of contacts in real estate, legal and financial circles.
Non-Residents lose CGT exemption on Australian real estate.
From 30 June 2020, the government will remove the Capital Gains Tax (CGT) exemption on a Principal Place of Residence (PPR or main residence) for non-residents.
There is opportunity amongst the uncertainty
It seems much more than a month has gone by since we last brought you news on Victoria’s property market, with the Coronavirus situation in Australia rapidly unfolding. As you read this we hope that you are safe and that your family stays that way for the duration.
Our state is an economic powerhouse.
Victoria continues to have the best performing economy of all the Australian states, according to the latest Commsec State of the States report, with the state benefiting from high construction work and a strong job market.
Tasmania comes in second, followed by New South Wales. This is followed by the ACT in fourth spot, followed by Queensland, South Australia, Western Australia and the Northern Territory. Tasmania is holding the second spot with strength in relative population growth supporting home purchases and starts.
We’re off to a flying start.
The new year has started with a bang! There is plenty of activity around, with the market barely taking a break over Christmas. Over 200 properties sold in the first week of the New Year, according to realestate.com.au
2020 is here… and we’re happy about it!
Happy New Year! Welcome to the first day of 2020. We’re excited for what lies ahead for the property market over the next 12 months.
The outlook is certainly a lot more positive than it was at the beginning of last year, particularly for Victoria.
