Metropolitan Melbourne + Mitchell Shire Areas
- Will cease to host public auctions or open for inspections
- Property inspections will continue, however by private appointment only – therefore, allowing the agent to ensure appointments are spaced apart to accommodate social distancing regulations.
- Property sales will be conducted either through online auction or via private treaty.
- Health & Safety protocols will be implemented at each appointment – including recording contact information, in case they should need to be contacted at a later stage, hand sanitiser supplied etc.
Regional Areas (Excluding Mitchell Shire)
Property sales in regional areas will continue on the lighter restrictions; being:
- Open for Inspections can occur, however buyers would still need to pre-register to attend and a limited number through the property at a given time.
- Outdoor auctions can continue – with a maximum of 20 participants, excluding the facilitating agent and vendors.
- Additionally, agents will need to monitor a potential buyers place of residence and can refuse entry if they are coming from a lock-down area, to a regional inspection. Details are still being clarified around how this will be managed.
Good News Announcements
To start with – all of the above procedures have been tried and tested during the last few months and work well. Meaning the industry, while previously adapting promptly, is even more prepared as we enter this new phase; and properties will continue to be brought and sold without hold up. The following has also been recently been announced:
- On the 1st of July, the government released a further 10,000 places for the ‘First Home Buyer Deposit Scheme’ – in which, (provided terms & conditions are met) the government acts as guarantor on the home loan, by covering the lenders mortgage insurance up to 15% and in turn, allowing buyers to obtain a home loan with as little as a 5% deposit.
- The rate of the ‘First Home Owners Grant’ (separate to the above deposit scheme), is to continue as is – with the scheme offering $10,000 toward the purchase or build of a new property in a metropolitan area and $20,000 for the purchase or building of a new property in a regional area. ** Applicable for properties that are newly built, or when building a home from scratch.
- In June, a ‘HomeBuilder Grant’ was introduced – providing a grant of $25,000 to eligible owner-occupiers, toward the build of a new home or a substantial renovation of an existing home.
- To support Australia’s financial recovery, the Reserve Bank of Australia also announced that they will continue to maintain the historically low 0.25% cash rate target; enabling banks to keep mortgage rates lower for new and existing home owners.
All 4 of which are music to both buyers and sellers – allowing buyers to enter the property market sooner and feel more confident on meeting mortgage repayments; and vendors to benefit from the increased pool of buyers.
Furthermore, buyer engagement is showing no signs of slowing down, with search activities entering its 10th week of consecutive growth!
Therefore, with a deep breath and a few simple adjustments, we are confident that great results can still be achieved for the sale of your property!