Real estate agents have welcomed the return of auctions and open house inspections which they hope will help strengthen the market.
Last month, the state government eased the COVID-19 restrictions which had banned auctions.
Under the government’s gradual lifting of restrictions, auctions can now be held as long as there are no more than 10 people in attendance, in addition to the minimum number of people required to facilitate the auction and the occupants of the property.
Open house inspections can also go ahead but again only 10 people can attend, in addition to the minimum number of people required to stage the inspection and the occupants of the property.
Real Estate Institute of Victoria president Leah Calnan said she expected the real estate market to gain momentum now restrictions had been eased.
Ray White South Morang sales agent and auctioneer Steve Gruevski said the easing of restrictions would help buyers, sellers and agents.
“Now auctions and open for inspections are up and running, it’s given us an option to start holding auctions again and it will help us sell a bit easier,” he said.
“It’s a bit harder with private sales because buyers can’t see who the competition is.”
The easing of restrictions comes as new REIV data reveals a strong start to the year for the property markets in Greenvale, Craigieburn, Epping and Mernda.
March quarter data shows the median house price in Greenvale rose 6.1 per cent from December 2019, reaching $779,000.
In Craigieburn, the median price rose 5.8 per cent to $571,000, while in Epping the median price reached $618,000 – an increase of 4.7 per cent from December.
The median price in Mernda rose by 2.5 per cent to $576,000.
A new record price for a three-bedroom home in Mernda was also recently set, with a Waterview Drive house selling for $740,000.
According to Mr Gruevski, the previous record was in the high $600,000s.
“Given the current climate and the perceived negativity around property prices – being able to achieve a suburb record is quite an achievement,” he said.
“Buyers who are finance-ready and are in a position to buy are really pushing hard to secure their properties due to the current stock constraints.”
