Stage 4 Lockdown – Real Estate Update

Stage 4 Lockdown

To Our Valued Landlords, Tenants, Vendors & Buyers,

As you will now be aware, from 11:59pm Wednesday 5th August 2020, Real Estate offices across Metropolitan Melbourne will be required to close their doors for the next 6 weeks due to Victorian Stage 4 Covid19 Lockdown.

For the next six (6) weeks the rules no longer permit physical inspections of any type for any property.

LANDLORDS & TENANTS EXCEPTIONS FOR INSPECTIONS:

Pre-existing Contracts-New Lease Agreements-Lease Vacates

If you have entered into a new lease agreement prior to (11:59pm tonight Wednesday 5th August 2020), our agents will be permitted to arrange for collection of the keys from our office and to complete the entry condition report.

If you have a tenant that is vacating who has given notice on or before (11:59pm tonight Wednesday 5th August 2020) our agents will be permitted to complete the final inspection to facilitate the bond release.

No other types of physical inspections or access to our office building for any reason are permitted.

Our staff are now operating remotely and are fully equipped to handle the usual day to day property management. We will ensure that your investment property is well taken care of during this stage 4 restrictions lockdown.

VACANT PROPERTIES:

As we currently understand the new rules and guidelines if you property becomes vacant during the next 6 weeks it will most likely remain vacant until stage 4 restrictions are over. We will offer all tenants online inspections however the rules do not permit moving in or out of a new premise during the 6 week stage 4 lockdown.

LANDLORD RENTAL PAYMENTS:

Our support staff will be operating remotely and all payments to landlords will be made by electronic funds transfer only.

STATE LEGISLATION:

We remind you that all the original lock down rules remain. No Landlord can evict a tenant who proves they no longer have the capacity to pay their rent as a direct result of the States lock down measures. Our procedures and policies are in place to ensure that we carefully scrutinise any tenants request for rent relief.

MORTGAGE RELIEF:

We remind you that all the original lock down rules remain. If you require mortgage relief contact your bank to arrange a freeze of your mortgage repayments.

FINAL NOTE:

Regional Victorian offices are now moving to Stage 3 restrictions, where online auctions are permitted along with private inspections. The link is an article from realestate.com.au with further information regarding the effects Stage 4 will have on the Real Estate Industry. It’s also worth checking the official REIV website here, where new updates are expected to be posted (6th August 2020) There are still some unanswered questions, which I am sure you all have, we will do our best to source these answers and provide you with an update as soon as this information is made publicly available.

VENDORS & BUYERS

The latest information disclosed to us via the REIV is that only Online Inspections & Online Auctions will be permitted over the next 6 week period. We are still awaiting final confirmation on whether videographers/photographers will be permitted to film House-Tour Videos and create 3D Virtual Inspections as there has been some confusion here. There were no further updates provided to our industry today – we are now being told further updates will follow 7th of August.

We will update this space as soon as announcements are officially made.

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