The Real Estate Institute of Victoria (REIV) has criticised the state government’s decision to keep restrictions in place for longer than originally anticipated.
On Sunday, 6 September, Premier Daniel Andrews confirmed the current restrictions would be extended across metropolitan Melbourne.
This will effectively keep the property market shut down for an uncertain period and most likely till the end of October.
The continuation of the ban on inspections means that people who desperately need to buy or lease a property will have to make that decision ‘sight unseen’.
REIV President Ms Leah Calnan said:
“These decisions compound the financial stress on Victorians and the Victorian economy and do nothing to help those suffering during these difficult times.”
We have cases being reported every day where people need to sell their property to get through these financial challenging times, and they can’t do so because the government won’t allow even a one-on-one inspection.”
The Real Estate Institute of Victoria (REIV) has called for an independent review of the roadmap announced by the Andrews government.
Voices across the community have labelled the Victorian government’s response as disproportionate, alarmist and short sighted.
There is no dispute that health and safety of the community is a priority and the roadmap out of the lockdown must ensure safety of all Victorians.
However, the path proposed jeopardises livelihoods and assets of hard-working Victorians who have abided by the rules and restrictions for over six months.
Pushing the Victorian economy to the brink of collapse cannot be the only method of preventing the spread of coronavirus.
REIV CEO Mr Gil King said:
“In effect, if you have worked hard to save and purchase property, the Andrew government is punishing you for being financially responsible.”
“It is mind boggling that the government is asking people to withdraw from their superannuation to fund their living costs but won’t let them sell their property for the same purpose. Wasn’t super supposed to be your retirement fund?”
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
Consultations were initiated only a few days leading up to the announcement.
A large number of representatives in each meeting ensured that while procedure requirements were met, no genuine feedback was gathered or implemented.
The irreversible impact of these decisions on the mental and financial well-being of ordinary people is being ignored.
People who have saved and invested in an asset like property are unable to sell it to tide over these difficult times.
The lack of understanding by the Victorian government regarding the operations of the real estate sector is evidenced in almost every facet of the way which it has handled the restrictions and the moratorium.
In its efforts to protect the most vulnerable of tenants, the Andrews’ Government has not only caused them long-term harm but has also allowed many who are not suffering COVID-related financial stress to profit from the moratorium.
The REIV urges the Federal government to immediately initiate an independent review of the roadmap, every Victorian is being impacted by the lack of vision and planning shown by the Andrews government.
If you're wondering what will happen to property in 2020–2021 you are not alone.
You can trust the team at Metropole to provide you with direction, guidance and results.
In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's what you exactly what you get from the multi award winning team at Metropole.
If you're looking at buying your next home or investment property here's 4 ways we can help you:
- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment grade property. Click here to learn how we can help you.
- Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.