The second wave of COVID-19 in Victoria is having a profound impact on the property market. Due to the Stage 4 restrictions in Melbourne, all real estate services firms are working remotely, and most of property inspections are banned. Tenants and home buyers are still able to move in and out of the property keeping in mind all the safety requirements.
What services are permitted in Melbourne Metro?
New leases and settlements
New tenants and home buyers will be able to move to a new home during the Stage 4 restrictions. End of the lease cleaning, as well as final inspections, are still available during these six weeks.
If you are moving to a new home, you must follow all safety guidelines such as curfew times, social distance, and face coverings.
Inspections
Only final bond inspections are allowed at this stage, as potential renters/buyers are not able no visit a property in person.
Routine Inspection
Physical routine inspections are temporarily suspended to help reduce the spread of the virus.
Maintenance
Currently, only urgent maintenance services are allowed, non-urgent requests are temporarily suspended for safety reasons.
What is happening with the rental prices?
With national and international borders closed, dwindling tourist and international students, Airbnb and short-term accommodations have been repurposed and have flooded the market for long term leasing. Metropolitan areas, as well as Educational Precincts and Holiday destinations, are more affected in major capital cities.
As a consequence of this oversupply, landlords are now experiencing more competition and lower demand. Tenants are becoming extremely selective, and the current health and safety protocols in Victoria enforce online inspections, which is slowing down the overall leasing process.
If you are an investor currently on rent, this situation can be an opportunity for an upgrade. However, if you are a landlord, the current market requires a more realistic approach and flexibility to meet the current rental prices, reducing the risk of having a property vacant for an extended period.
The Victorian Government has temporarily banned most evictions, which means that landlords are not able to give notice to tenants who claim being financially affected due to the pandemic until 29 September 2020.
Our team can help you
Following recent Stage 4 restrictions, SONI Team have moved to work from home, providing support and guidance to our clients, landlords and tenants remotely. Since inception, our company has been active in adoption use of cloud-based tools and that has allowed us to continue to operate with the same quality and dedication. We are available by phone, e-mail, and videocalls, working with the same quality and dedication.
If you have any questions about your existing investment properties, portfolio or leasing a property in Melbourne, feel free to contact us or book a free consultation. Our Team has gone above and beyond during these trying times, genuinely living core of our values “WE CARE“.
For any additional information and latest developments about the Coronavirus, COVID-19, please visit WHO website, Department of Health website or Victoria Health & Human Services.