17 July, 2020 / Category: Coronavirus
Metropolitan Melbourne and Mitchell Shire have returned to stage three restrictions. Here’s a reminder of what that means for the property market.
At midnight on July 8, Metropolitan Melbourne and Mitchell Shire returned to stage three restrictions to curb the latest spike in Coronavirus cases.
While hardly surprising, it’s still a blow to the real estate industry. But, as the REIV president, Leah Calnan, stated in response to the lockdown, ‘Stage three restrictions are not ideal, but I am constantly amazed at the innovation and flexibility our industry is capable of when faced with challenges’.
This optimism is likely supported by the fact that the Victorian property market is faring surprisingly well, defying doom-and-gloom predictions made at the beginning of the crisis. Leah Calnan also confirms that, ‘demand is strongly outstripping the supply, leading to Victorian home’s holding their value’. It’s something we’ve also witnessed in recent times, which is making this return to lockdown less disheartening than it was the first time.
Here’s a reminder of the rules that apply for the next 6 weeks within Metropolitan Melbourne and Mitchell Shire:
What if I’m outside the restriction zone?
Regional Victoria (except Mitchell Shire) is not under stage three restrictions, but there are rules for people buying or selling if they’re crossing into, or out of, a restriction zone.
For any of our clients – we’re happy to help with any questions you might have about restrictions and how they may affect your individual circumstance. We’re always available on the phone or via email.