As of the start of this week, private inspections for the purchase or leasing of residential properties in Victoria have been recommenced.
Now, private property and display home inspections can take place if they consist of one agent and one prospective purchaser or tenant, who is able to be accompanied by one other person from their household.
According to Real Estate Institute of Australia (REIA) President Adrian Kelly, the easing of restrictions has signalled an important step forward for Victoria’s property industry.
“We commend the Victorian state government for getting the real estate sector back on a path towards normality,” Kelly said.
“Our thoughts have been with the buyers, sellers and agents who have had their lives and livelihoods disrupted as a result of the ban on inspections."
Yet even with the obvious economic toll COVID-19 has taken on the country at large, a survey from UBank has revealed the presence of positive property trends which were especially prevalent among younger Australians.
According to the national research, 44% of Aussie millennials list buying a property as one of their top two savings goals over the next five years
“They’re taking the opportunity to implement budgeting and saving strategies to keep their financial goals, such as buying a home, on track, with many putting away half their salary each month,” said UBank CEO Philippa Watson
“Despite 45% of the population admitting their finances have been negatively impacted in the last six months, we’re seeing millennials emerge as being quite resilient.”
However, 80% of aspiring homeowners have communicated feeling under-educated when it comes to saving for or buying a home, with the figure increasing to 86% for millennials.
“Owning a home is still a major goal for Aussies, especially young Australians, but our research shows some knowledge gaps that could cost borrowers thousands and add unnecessary years to the repayment process,” said Watson.
“Just 20 minutes of homework into comparative rates and fees could see thousands put back into Aussie pockets over the life of a home loan and help make the dream of owning a home within reach.”
