Melbourne stage 4 coronavirus restrictions hit property market with inspections and auctions cancelled
ABCHundreds of auctions around Melbourne are set to be cancelled in the next six weeks, as vendors pull their properties off the market because of the city's stage 4 coronavirus restrictions. Key points: Melbourne's property sector expects sales to plummet during stage 4 restrictions Melbourne's property sector expects sales to plummet during stage 4 restrictions Agents say landlords are experiencing rental arrears four times higher than normal Agents say landlords are experiencing rental arrears four times higher than normal The lockdown's impact won't be known until September quarter results are available In-person property inspections are now banned under the new rules, meaning prospective buyers will only have the option of completing virtual tours online. The chief executive of real estate firm Philip Webb, Anthony Webb, said his company was preparing "for no sales over the next six weeks". "Rental arrears is four times higher than it normally would be, and I'm comparing that to Christmas time when rental arrears is usually quite high," Mr Webb said.
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