Reiv

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Melbourne’s market has been described as one of the best for sellers in years – with all the stars aligned at present, according to the REIV CEO Geoff White.
He said that the Spring market was delivering everything home sellers need: solid price growth, high clearance rates and strong buyer demand.
In the September quarter, the city’s median house price increased 3.2 per cent to $740,000 Melbourne-wide, he said.
“The median price increase is taking place in tandem with a Spring clearance rate of close to 80 per cent, the highest in seven years,” he said.
“Everything is aligned for sellers, who are benefitting from strong buyer confidence and record low interest rates.”
Melbourne’s inner and middle suburbs were the main growth drivers in the September quarter with house prices in these regions up 4.2 and 3.5 per cent respectively.
After two successive quarters of strong price growth, the city’s outer suburbs recorded more moderate growth of 1.1 per cent.
He added that the top growth suburbs this quarter were widespread across the city – from Seaford in the outer south east to Williamstown and Werribee in the west.
Mr White said that Langwarrin recorded the city’s largest price growth with the median house price increasing 20 per cent over the quarter to $561,000. He added that outer suburbs remain attractive to many home buyers and investors.
“Melbourne’s more affordable areas continue to appeal to buyers seeking the value and space that the outer suburbs offer,” he said. Meanwhile, apartment prices across the city also increased in the September quarter with the metropolitan median up 2.1 per cent to $545,500.
Mr White said that although listings have not reached the peaks of 2015, the current median price and excellent clearance rates indicates that the market is as healthy as ever.
“The market shows no signs of slowing down. The September quarter was stronger than expected and the market is only expected to improve with more than 4,000 auctions forecast for October.”
QUARTERLY OVERVIEW – SEPTEMBER QUARTER 2016
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Top 10 Growth Suburbs (Quarterly)
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Suburb
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Sep-16 Median
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Jun-16 Median
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Quarterly Change
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1
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LANGWARRIN
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$561,000
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$467,550
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20.0%
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2
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WILLIAMSTOWN
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$1,353,750
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$1,140,500
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18.7%
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3
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SEAFORD
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$605,500
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$516,500
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17.2%
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4
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FOOTSCRAY
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$855,000
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$745,000
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14.8%
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5
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FRANKSTON
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$504,000
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$440,000
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14.5%
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6
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MALVERN EAST
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$1,914,000
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$1,681,000
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13.9%
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KEW
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$2,153,500
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$1,907,500
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12.9%
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8
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BRUNSWICK
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$1,056,000
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$935,000
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12.9%
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9
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GLEN WAVERLEY
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$1,290,000
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$1,150,000
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12.2%
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10
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ALTONA NORTH
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$788,000
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$702,500
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12.2%
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j.ballantyne1990-6AQqhLzZaK

Langwarrin tops Melbourne's price growth climb: REIV

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Lawyers acting for Victorian vendors have successfully argued in the County Court that an estate agent was not entitled to the commission payment because the Exclusive Sales Authority (ESA) form used "did not comply" with the Estate Agents Act.
In August 2017 the County Court of Victoria found that a Consumer Affairs approved rebate statement did not comply with the Act as it did not contain each and every word of the prescribed warning.  Last month, a year later, the Supreme Court of Victoria – Court of Appeal upheld the decision of the County Court of Victoria.
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The case involved a Ray White St Albans agent who had unsuccessfully sued the vendors for a $385,000 commission payment following the $8.8 million sale in 2016 of a six-hectare industrial site at 382 Greens Road in Keysborough.
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The ruling opens the possibility of claims by unhappy vendors against estate agents who used a non-compliant ESA form which were supplied by the Real Estate Institute of Victoria (REIV) where the commission has yet to be paid.
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The industry body, which represents around 5000 estate agents in Victoria, sold the ESA forms as a legally binding vendor contract giving the agent the authority to sell a vendor's home and be paid commission and any other outgoings including marketing and advertising costs.
Two versions of the contract were available for agents to buy from the REIV. The longer version with the full wording of the rebate statement as stated in section 49A of the act, whereas the shorter version did not.
The REIV's ESA form included an altered statement on rebates that was approved by state's consumer watchdog, but it was different from the exact wording of the Estate Agents Act
The form, which was amended around six years ago, did not comply with section 49A of the Act.
The issue erupted last week on the Lexology website where lawyers at <a href="https://www.lexology.com/library/detail.aspx?g=cd8c102a-e9eb-4b79-8cf7-f787a5084ed9" target="_blank">Logie-Smith Lanyon</a> noted it was "now incumbent upon the Victorian Parliament to immediately provide a legislative solution to rectify an obvious administrative error in the Consumer Affairs forms."
They noted while a legislative solution had been mooted, it is yet to be put before the Victorian Parliament.
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The REIV chief executive Gil King said in a statement provided to Fairfax Media that "upon being made aware of the issue late last year, the REIV took immediate steps to ensure all authorities were compliant."
"At this stage, the extent of the issue is not clear," Mr King noted. 
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It has emerged there is one case where Amy Sheggerud-Woods, a partner at Marsh &amp; Maher Lawyers, is acting for an estate agent in proceedings involving the agent's entitlement to commission.
"Not only will the Supreme Court decision have far-reaching consequences for real estate agents who have used the Exclusive Sales Authority forms, but also for vendors, for the REIV (which has supplied the forms to real estate agents), and perhaps for Consumer Affairs Victoria (which approved the short form rebate statement)," <a href="https://www.linkedin.com/pulse/real-estate-agents-commission-risk-victoria-amy-sheggerud-woods/" target="_blank">Ms Sheggerud-Woods wrote on LinkedIn last month.</a>
In the Keysborough case Augustin Pty Ltd (the Respondent) owned the property at 382 Greens Road, Keysborough and in signing an exclusive sale authority, engaged Advisory Services Pty Ltd (trading as Ray White St Albans) (Applicant) for the sale of the property.
The Respondent sold the property however the purchaser defaulted under the contract.
The Respondent then engaged another agency to assist in selling the property once more, which the applicant claimed was during the period of the exclusive sale authority.
A dispute arose and the applicant sued the respondent for commission on both sales, totalling $385,000.
Lawyers ML&amp; K Legal facebooked in early May that <a href="https://www.propertyobserver.com.au/http://classic.austlii.edu.au/cgi-bin/sinodisp/au/cases/vic/VSCA/2018/95?stem=0&amp;synonyms=0&amp;query=st%20albans" target="_blank">the judgement</a> was "a must read for real estate agents!"
The Ray White estate agency was represented by R Hay QC briefed by Alderuccio Solicitors while the property owner engaged I W Upjohn briefed by Webb Korfiatis.
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Commissions at risk after REIV estate agent commission form bungle 

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The Real Estate Institute of Victoria (REIV) has elected Robyn Waters as President for 2018-19.
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Waters was the first Australian woman to be appointed World President of the International Real Estate Federation in 2014. 
She is the third female president at the REIV after Di Baker, who took over for two years in 1987, and Valda Walsh, who held the position from 2000 to 200.
Waters served on the REIV Board as Senior Vice President in 2017-18 and Director from 2001 to 2006 as well as being a ministerial appointment to the Estate Agents Council from 2015 to 2018. 
She is a licensed estate agent who operates as a sole trader providing real estate services to a select portfolio of clients. 
She is a fellow of the REIA and Royal Institution of Chartered Surveyors.
“I am delighted to be appointed as the third female REIV President since 1936 at this crucial time for Victoria’s real estate industry,” Waters said. 
“I was born and raised in a real estate family in the northern suburbs of Melbourne and witnessed the industry’s evolution since the early 1980s. 
“Through my work with the International Real Estate Federation, I have learnt that the real estate industry is intrinsically linked to the livability and prosperity of our community and has a major role to play in shaping our future.” 
“I look forward to working with our members, legislators, interest groups and stakeholders to elevate the role of the REIV to provide further insight and perspective on policy and issues that will mold our communities and enhance the way we live."
 
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jrobinson-rf4aSBido9

REIV elect Robyn Waters as third female president in 82 years

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REIV President Leah Calnan has condemned the actions of a former member of the REIV who recently pleaded guilty to two counts of trafficking cocaine.
Kristiana Karakostas (pictured) faced the Melbourne County Court last week over drug trafficking charges, where she pleaded guilty. She will be sentenced later this month.
In light of the guilty plea, the REIV has quickly terminated membership of Ms Karakostas.
REIV President Leah Calnan said, “the REIV does not tolerate illegal or unethical behaviour; drugs create so much pain and suffering in our community.” 
“The REIV has acted swiftly in terminating the membership of Ms Karakostas and revoking the Novice Auctioneer of the Year Award which she won in 2019, she added.
 
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REIV strip auctioneer of membership due to drug trafficking charges

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The REIA Housing Affordability Report is out for the March quarter and shows a marginal improvement across the country to housing affordability.
The proportion of income required to meet loan repayments decreased by 0.1 percentage points to 34.7 per cent over the quarter, according to the report.
In his introduction to the report REIA president, Adrian Kelly outlined the highlights of the findings.
“With the exception of Victoria, Tasmania and Western Australia, housing affordability improved across the states and territories with the Australian Capital Territory having the largest improvement 1.1 percentage points,” said Mr Kelly.
“Rental affordability improved in the March quarter with the proportion of income required to meet rent payments decreasing to 23.5 per cent, a decrease of 0.1 percentage points over the quarter.
“Rental affordability improved in Queensland, Western Australia and the Northern Territory, but declined in New South Wales, Victoria, South Australia, Tasmania and the Australian Capital Territory.”
When it comes to loans the total number has declined compared to the December quarter of the previous year.
“This is not unusual for the first quarter of the calendar year, however there was a 4.2 per cent increase on the number of new loans from the same quarter of 2019,” said Mr Kelly.
“The number of first home buyers decreased to 27,082, a decrease of 10.7 per cent during the quarter but an increase of 23.1 per cent compared to the March quarter 2019.
“With the introduction of the First Home Buyer Deposit scheme on 1 January we expect that share of first home buyers will continue to grow.”
The report shows the number of first home buyers decreased in all states and territories over the March quarter.
The largest decrease was in the Australian Capital Territory (-22.2 per cent).
Compared to the corresponding quarter 2019, the number of first home buyers increased in all states and territories, with the largest increase in the Australian Capital Territory (57.6 per cent).
The next edition of the report will reflect the impact the current COVID19 pandemic has had on affordability.
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<h2>State by State</h2>
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NSW
Over the March quarter, housing affordability in New South Wales improved with the proportion of income required to meet loan repayments decreasing to 42.5 per cent, a decrease of 0.4 percentage points over the quarter but an increase of 4.5 percentage points compared with the corresponding quarter 2019.
With the proportion of income required to meet loan repayments 7.8 percentage points higher than the nation’s average, New South Wales remained the least affordable state or territory in which to buy a home.
Over the March quarter, rental affordability in New South Wales declined marginally with the proportion of income required to meet median rents increasing to 27.5 per cent, an increase of 0.1 percentage points over the quarter but a decrease of 0.7 percentage points compared with the corresponding quarter 2019.
In New South Wales, the number of loans to first home buyers decreased to 6,622 a decrease of 11.0 per cent over the quarter but an increase of 33.3 per cent compared to the March quarter 2019.
Of the total number of first home buyers that purchased during the March quarter, 24.5 per cent were from New South Wales while first home buyers make up 32.9 per cent of the state’s owner-occupier market.
The average loan to first home buyers increased to $502,552, an increase of 2.4 per cent over the quarter and an increase of 19.8 per cent compared to the same quarter last year.
The number of dwelling loans in New South Wales decreased to 20,105, a decrease of 17.5 per cent over the quarter but an increase of 8.5 per cent compared to the March quarter 2019.
The average loan size increased to $595,315, an increase of 0.4 per cent over the quarter and an increase of 22.2 per cent compared to the corresponding quarter of 2019. New South Wales has the largest average loan size across the country, 22.4 per cent higher than the national average.
Victoria
Over the March quarter, housing affordability declined in Victoria with proportion of family income devoted to meeting average loan repayments increasing to 37.5 per cent, an increase of 1.0 per cent over the quarter and an increase of 2.9 per cent when compared to the corresponding quarter in the previous year.
Rental affordability in Victoria declined over the quarter with the proportion of income required to meet median rent increasing to 23.0 per cent, an increase of 0.4 percentage points over the quarter but a decrease of 0.1 percentage points over the previous year.
The number of loans to first home buyers in Victoria decreased to 8,624, a decrease of 16.0 per cent over the quarter but an increase of 24.4 per cent compared to the March quarter 2019.
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Of the total number of first home buyers that purchased during the March quarter, 31.8 per cent were from Victoria while first home buyers make up 40.3 per cent of the state’s owner-occupier market.
In the March quarter 2020, the average loan to first home buyers was $437,871, an increase of 2.3 per cent over the quarter and an increase of 14.0 per cent compared to the March quarter 2019. In Victoria, the total number of loans decreased to 21,396, a decrease of 15.8 per cent during the quarter but an increase of 4.3 per cent compared to the March quarter 2019.
The average loan size was $514,741 over the quarter, an increase of 4.1 per cent and an increase of 18.8 per cent when compared to the corresponding quarter 2019. Victoria’s average loan size is 5.9 per cent higher than the national average.
Queensland
Housing affordability improved in Queensland over the March quarter with the proportion of income required to meet home loan repayments decreasing to 30.4 per cent, a decrease of 0.2 percentage points over the quarter but an increase of 0.8 percentage points when compared to the March quarter 2019.
Rental affordability in Queensland improved over the quarter with the proportion of the median family income required to meet the median rent decreasing to 22.0 per cent, a decrease of 0.1 percentage points over the quarter but remained stable compared with the same quarter 2019.
Over the March quarter, the number of loans to first home buyers in Queensland decreased to 5,419, a decrease of 5.9 per cent over the quarter but an increase of 20.8 per cent compared to the same quarter of 2019.
Of all Australian first home buyers over the quarter, 20.0 per cent were from Queensland while the proportion of first home buyers in the state’s owner-occupier market was 34.1 per cent.
The average loan size to first home buyers increased to $374,036, an increase of 3.4 per cent during the quarter and an increase of 12.9 per cent compared to the March quarter 2019.
The number of loans decreased in Queensland to 15,911, a decrease of 11.1 per cent over the quarter but an increase of 5.4 per cent compared to the March quarter of the previous year.
The average loan size increased to $414,154, an increase of 0.4 per cent during the quarter and an increase of 12.0 per cent compared to the March quarter 2019. Queensland’s average loan size is 14.8 per cent lower than the national average.
South Australia
Over the March quarter, housing affordability in South Australia improved with the proportion of income required to meet monthly loan repayments decreasing to 27.9 per cent, a decrease of 0.1 percentage points over the quarter but an increase of 0.2 percentage points compared to the March quarter 2019.
Rental affordability in South Australia declined over the quarter with the proportion of income required to meet rent payments increasing to 22.5 per cent, an increase of 0.2 percentage points over the quarter but a decrease of 0.3 percentage points compared to the March quarter 2019.
Over the March quarter, the number of loans to first home buyers in South Australia decreased to 1,493, a decrease of 10.5 per cent over the quarter but an increase of 8.7 per cent compared to the March quarter 2019.
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Of all Australian first home buyers over the quarter, 5.5 per cent were from South Australia while the proportion of first home buyers in the state’s owner-occupier market was 25.9 per cent.
The average loan size to first home buyers increased to $334,226, an increase of 1.4 per cent over the quarter and an increase of 8.2 per cent when compared to a year earlier.
In South Australia, the total number of loans decreased to 5,764, a decrease of 11.5 per cent over the quarter and a decrease of 4.5 per cent compared to the March quarter 2019.
The average loan size increased to $358,171, an increase of 0.8 per cent over the quarter and an increase of 10.3 per cent compared to the same time last year.
South Australia’s average loan size is 26.3 per cent lower than the national average.
Western Australia
Over the March quarter, housing affordability in Western Australia declined with the proportion of income required to meet loan repayments increasing to 25.0 per cent, an increase of 0.1 percentage points over the quarter and an increase of 0.2 percentage points compared to the March quarter 2019.
Rental affordability in Western Australia improved during the March quarter with the proportion of family income required to meet the median rent decreasing to 16.6 per cent, a marginal decrease of 0.1 percentage points over the quarter and a marginal increase of 0.1 percentage points compared to the year before.
The number of first home buyers in Western Australia decreased to 3,547 in the March quarter, a decrease of 2.3 per cent over the quarter but an increase of 12.0 per cent compared to the same time last year.
Of all Australian first home buyers over the quarter, 13.1 per cent were from Western Australia while the proportion of first home buyers in the state’s owner-occupier market was 45.9 per cent.
The average loan to first home buyers increased to $353,115, an increase of 2.2 per cent over the quarter and an increase of 9.1 per cent when compared to the March quarter 2019.
The total number of loans in Western Australia decreased to 7,733, a decrease of 6.7 per cent over the quarter but an increase of 4.3 per cent compared to the March quarter 2019.
The average loan size increased to $406,246, an increase of 2.0 per cent over the quarter and an increase of 10.3 per cent compared to the March quarter 2019.
Western Australia’s average loan size is 16.4 per cent lower than the national average.
Tasmania
Housing affordability in Tasmania declined over the March quarter with the proportion of income required to meet home loan repayments increasing to 29.6 per cent, an increase of 0.4 percentage points over the quarter and an increase of 2.8 percentage points from the March quarter 2019.
Rental affordability in Tasmania also declined over the quarter with the proportion of income required to meet median rents increasing to 30.5 per cent, an increase of 0.5 percentage points over the quarter and an increase of 1.2 percentage points compared with the March quarter 2019.
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The number of first home buyers in Tasmania decreased to 564, a decrease of 0.5 per cent over the quarter but an increase of 11.9 per cent compared to the same quarter of the previous year.
Of all Australian first home buyers over the quarter, 2.1 per cent were from Tasmania while the proportion of first home buyers in the state’s owner-occupier market was 32.6 per cent.
The average loan to first home buyers increased to $302,128, an increase of 3.6 per cent over the quarter and an increase of 6.2 per cent compared to the March quarter 2019.
The total number of new loans for dwellings in Tasmania decreased to 1,732, a decrease of 8.3 per cent over the quarter and a decrease of 16.0 per cent compared to the corresponding quarter 2019.
The average loan size increased to $343,649, an increase of 2.8 per cent over the quarter and an increase of 21.0 per cent compared to the same time last year.
Tasmania continues to have the lowest average loan size across the country. Tasmania’s average loan size is 29.3 per cent lower than the national average.
Northern Territory
Housing affordability in the Northern Territory improved with the proportion of income required to meet loan repayments decreasing to 20.2 per cent in the March quarter, a decrease of 0.8 percentage points over the quarter and a decrease of 1.5 percentage points when compared to the March quarter 2019.
Rental affordability in the Northern Territory improved over the quarter with the proportion of income required to meet the median rent decreasing to 20.6 per cent, a decrease of 0.6 percentage points over the quarter and a decrease of 0.3 percentage points compared to the March quarter 2019.
The number of loans to first home buyers in the Northern Territory decreased to 200, a decrease of 8.7 per cent over the March quarter but an increase of 10.5 per cent compared to the March quarter 2019.
Of all Australian first home buyers over the quarter, 0.7 per cent were from the Northern Territory while the proportion of first home buyers in the Territory’s owner-occupier market was 44.9 per cent.
The average loan size to first home buyers increased to $366,500, an increase of 7.3 per cent over the quarter and an increase of 5.0 per cent compared to the March quarter 2019.
The number of new loans in the Northern Territory decreased to 445, a decrease of 15.1 per cent over the quarter but an increase of 6.7 per cent compared to the March quarter 2019.
The average loan size decreased to $346,517, a decrease of 2.6 per cent over the quarter but an increase of 1.8 per cent compared to the March quarter 2019. The Northern Territory’s average loan size is 28.7 per cent lower than the national average.
Australian Capital Territory
Housing affordability in the Australian Capital Territory improved over the March quarter with the proportion of income required to meet home loan repayments decreasing to 21.2 per cent, a decrease of 1.1
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percentage points over the quarter and a decrease of 0.5 percentage points compared to the corresponding quarter 2019.
Rental affordability in the Australian Capital Territory declined over the March quarter with the proportion of income required to meet the median rent increasing to 19.0 per cent, an increase of 0.2 percentage points over the quarter but remained stable compared to the March quarter 2019.
The number of loans to first home buyers in the Australian Capital Territory decreased to 613, a decrease of 22.2 per cent over the quarter but an increase of 57.6 per cent compared to the March quarter 2019.
Of all Australian first home buyers over the quarter, 2.3 per cent were from the Australian Capital Territory while the proportion of first home buyers in the Territory’s owner-occupier market was 32.6 per cent.
The average loan for first home buyers increased to $446,330, an increase of 4.8 per cent over the quarter and an increase of 14.8 per cent compared to the corresponding quarter 2019.
The number of loans in the Australian Capital Territory decreased to 1,883, a decrease of 20.9 per cent over the quarter but an increase of 20.9 per cent compared to the March quarter 2019.
The average loan size decreased to $458,471, a decrease of 3.8 per cent over the quarter but an increase of 6.8 per cent compared to the March quarter 2019.
The Australian Capital Territory’s average loan size is 5.7 per cent lower than the national average.
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Housing affordability improves marginally in the March Quarter: REIA

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Rental prices have fallen in Metropolitan Melbourne following a month of some improvement in vacancy rates across the State.
The monthly rental data from the REIV shows median rents for houses are now more affordable at $470 per week, down from February’s $480 per week, but still higher than the same time last year.
Metropolitan units are also now cheaper to rent, from $450 per week in February down to $430 per week.
The Regional Victorian vacancy rate climbed from 1.8% to 1.9% over the month, however median house rents remain unchanged on $350 per week, with units rising to $295 per week.
In Geelong, house rental prices shrunk by $10 to $400 per week, the Ballarat region remained steady on $340 per week, while house rents increased in the Bendigo region by $7 to sit at $350 per week.
Although there has been some improvement in vacancy rates with Metropolitan Melbourne recording 2.3% for two consecutive months, Victoria needs vacancy rates of 3%- 4% to maintain a healthy market.”
The numbers released today reflect the strong market in the lead up to the State of Emergency, and are consistent with our March quarter median prices.
REIV President Leah Calnan said Victoria’s that the temporary measures in place due to COVID-19 make it challenging to gauge the real situation but the underlying strength of the Victorian property market is undeniable.
“Victoria’s rental accommodation supply is growing, more rental homes are now available but there remains a need for more properties to be listed to cater for growing demand.” Ms Calnan said.
“The State Government needs to work more closlely with property owners, to help build a reliable supply of rental accommodation in Victoria.
 
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Source: REIV Rental Data
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Victoria vacancy rates improving: REIV

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Rental homes are now more accessible in Melbourne as vacancy rates relaxed slightly in June, while the rental market tightened further in Regional Victoria.
The REIV recorded a healthy 3.0 per cent vacancy rate in Melbourne while Regional Victoria recorded a further tightening of the rental market with 1.8 per cent.
The slight increase in vacancy rate did not impact the median rents with Melbourne median rental prices for houses now at $473 per week, $13 more than the previous month.
Median rents for Metropolitan units have also increased, from $410 per week in May to $420 per week for June.
Rental prices in regional Victoria are holding firm, with median house rents remaining unchanged on $350 per week for the past six consecutive months, regional units are sitting at $300 per week, a $5 increase on May.
The relaxation of vacancy rates could be largely attributed to inner city areas as smaller properties move from short term rentals like Airbnb. Fall in visitors, international students has meant that more property owners are returning to the traditional rental market.
REIV President Leah Calnan Melbourne’s rental market continues to grow.
“Melbourne’s rental market is holding firm in the face of the Coronavirus pandemic creating unique conditions.” Ms Calnan said.
“The relaxing of vacancy rates means there are more homes available for people to rent, and there has never been a more important time to have a roof over your head.”
“This rental data, combined with the annual growth shown in the June Quarterly Medians, demonstrates the strength and resilience of the Victorian property market.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/31/1_REIV%20MELBOURNE.jpg" alt="">
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Source: REIV 
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Rents hold steady as vacancy rates relax in Melbourne

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The Real Estate Institute of Victoria is calling on the Victoria government to allow one-on-one inspections of properties.
The VIC peak body says inspections will help save a number of Victorians from financial distress and homelessness.
REIV chief executive Gil King says what they are asking for is "absolutely safe".
“We understand that the larger gatherings at public auctions and open houses are a risk", King says.
"That is not what we are asking for.  
"Private one on one inspections are absolutely safe.”
King says online auctions aren't happening because people can not see the house they want to buy in person.
"The Victorian property market has come to a standstill with zero auctions over the weekend", King added.
"This is about people, buyers, vendors and tenants alike.   
"Allowing private inspections means that the market will be ready for revival when the time is right.”
Metro Property Management director Leah Calnan, who is the REIV's chairperson of the property management chapter committee, says inspections can be conducted safely.
“The real estate industry has been prepared with systems, processes and procedures to allow safe inspections by appointment.”
“We see everyday the impact this hard lockdown is having on our tenants and owners; we cannot expect people to lease or buy without seeing the property.”
“It will be a legal nightmare to have someone buy or rent and then want to exit the contract when they eventually see the property.”
 
 
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REIV call for inspection by appointment as a safe and simple answer

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Goldman Sachs managing director Alastair Lucas spent $3.025 million to buy in East Melbourne.
<a href="https://www.realestateview.com.au/Real-Estate/110-vale-street-east-melbourne/Property-Details-sold-residential-6961925" target="_blank">Lynda Manor</a>, the Italianate Victorian terrace was the most expensive Melbourne house sold at auction on the weekend, according to the REIV.
The three-bedroom, 1889 Vale Street ­terrace sold through Caine Real Estate director Paul Caine who's price guidance was $2.5 million plus.
There were three bidders after the initial $2 million vendor bid on the 209 square metre property.
It last sold for $95,000 in 1979.
In March 2013 some $2.62 million was paid for the terrace two doors along, a five bedrooms, three bathroom terrace with s, the formal lounge with Karl Fender designed extension.
There was a clearance rate of 70% at weekend auction, compared to 69% last weekend and 70% on the same weekend last year.
There were 576 auctions reported to the REIV.
The final clearance rate hasn’t risen above 70% since the week ending 23 March 2014. 
The clearance rate is trending lower, however auction numbers remain high.The next two weekend is expected to have about 1,000 auctions each. 
This would push up the total number of auctions for the month of May to 3,700, which is higher than the long-term average, Enzo Raimondo from the REIV said.
THE DEAREST FIVE HOUSES
<ol>
<li>110 Vale Street, East Melbourne $3,025,000</li>
<li>95 Kooyongkoot Road, Hawthorn $2,775,000</li>
<li>29 Brazilia Drive, Glen Waverley $2,416,000</li>
<li>832 Esplanade, Mornington $1,900,000</li>
<li>9 Bella Vista Road, Glen Iris $1,900,000</li>
</ol>
THE CHEAPEST FIVE HOUSES
<ol>
<li>22 Oak Avenue, Doveton $269,000</li>
<li>37 Nightingale Drive, Werribee $280,000</li>
<li>21 Hughes Crescent, Dandenong North $325,500</li>
<li>10 Paringa Avenue, South Morang $347,500</li>
<li>39 Hendersons Road, Epping $350,000</li>
</ol>
THE DEAREST FIVE APARTMENTS
<ol>
<li>2/6 Wellington Crescent, East Melbourne $1,360,000</li>
<li>13A Rose Street, Highett $1,228,000</li>
<li>2/64 Burke Road, Malvern East $1,157,000</li>
<li>1/33 Myrniong Grove, Hawthorn East $1,150,000</li>
<li>50 Were Street, Brighton $1,135,000</li>
</ol>
THE FIVE CHEAPEST APARTMENTS
<ol>
<li>16/6 Garnet Street, Brunswick $229,500</li>
<li>7/116 Inkerman Street, St Kilda $235,000</li>
<li>8 Elinda Place, Reservoir $265,000</li>
<li>12/42 Middle Road, Maribyrnong $290,000</li>
<li>6/3 Denbigh Street, Frankston $295,000</li>
</ol>
Source: REIV 
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