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Melbourne restrictions eased: Top questions for real estate answered

By Shaye Williams

Melbournians are seeing some light at the end of the lockdown tunnel after the Victorian Premier Daniel Andrews announced a slight easing of restrictions amid the stage four lockdown, which include a number of important changes for real estate.

Under a suite of new rules announced Sunday 18 October, residents can travel up to 25km from their home and enjoy an unlimited amount of time outdoors.

Melbourne’s real estate industry will also begin to fire up again following Sunday’s announcement. Here’s what we know so far.

Can live auctions take place?

From 11.59pm Sunday 18 October, outdoor auctions will be allowed with up to 10 people in attendance, not including the required staff.

How many people can attend an auction?

A maximum of 10 people plus required staff can attend a live auction.

Vendors and agents are encouraged to make a strategic decision on the best approach for selling a property, including live auction (albeit with limited attendees), online auction or private sale.

Are online auctions still available?

Yes, online auctions are still being used as a platform for selling homes in Melbourne, and around the country, as buyers take advantage of attending auctions from the comfort of their homes.

Online auctions have been successfully taken up around the country as sellers and agents see the positive side of being able to accommodate potential bidders regardless of their proximity to the property.

Are online auctions better than face-to-face?

Mario Butera from Woodards Northcote said each property will differ when it comes to the best approach for sale.

Whether it be a physical auction, virtual auction or private sale, the method should be determined by characteristics of that specific property and what the potential market for it will be, he explained.

“We’re doing a lot of ‘sale-by-set-date’ at the moment and I’d say that will continue. We’d only look at doing a physical auction if we could be sure that there was a lot of interest and that it would get a better result at the end of the day,” Mr Butera said.

“Without the big crowds, you’re missing that theatre – if it’s not a popular home and you’ve only got a few people in the backyard then you risk people getting intimidated.

Source: https://www.realestate.com.au

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