Victoria’s Stage 4 lockdown:
what does it mean for the property market and the Spring season? Stage 4 restrictions in metropolitan Melbourne, in addition to further measures in regional areas, remain in place as Victoria continues to fight its second wave of coronavirus.
alike – the property industry is no exception. According to CoreLogic’s September 2020 report, Melbourne’s dwelling values fell by 1.2% in August1 – though volumes were already low, in light of the current circumstances.
While a roadmap to “COVID normal” has Despite this, values are up 5.9% annually1 – with the market’s monthly decline offset been outlined by the state government, there are still significant steps to be taken. by its existing strong baseline, on the back of soaring to a record high in March 2020. Though private inspections by appointment have now been reintroduced National numbers indicate similar resilience – with overall values dipping in Melbourne, they are limited to one client (dependants and a partner may also by only 2% since the beginning of the pandemic2. attend) only, while outdoor auctions remain off. Further easing is dependent on the statewide daily average and total number of cases with an unknown source in the previous 14 days both dropping to less than five.
The market impacts The Victorian lockdown has been difficult for citizens, businesses and industries 2
Annual dwelling value changes (August 2020)1 • • • • •
Melbourne: +5.9% Sydney: +9.8% Brisbane: +3.5% Perth: -2.0% Adelaide: +2.7%
