Coronavirus: Property sellers begging for some settlement relief

Concerns are rising over the settlements of properties as desperate sellers in Melbourne are left in the lurch.

Real Estate Institute of Victoria president Leah Calnan.

Concerns are rising over the settlements of properties as desperate sellers in Melbourne are left in the lurch by the state government’s decision to extend the ban on private inspections.

The announcement on Sunday to extend the ban on physical real estate operations within metropolitan Melbourne for an additional six weeks to October 26 has not only drawn the ire of local agents, but has also ­burdened sellers.

Real estate network Ray White’s managing director, Dan White, said stories of sellers and those looking to rent being caught out by the lockdowns were increasingly common.

“How do you equate someone getting a luxury item like alcohol from a bottle shop versus the fundamental need of housing?” Mr White said.

“It is not just investors and big money coming through. It is mums and dads who are carrying their own financial burdens. Settlements now might not happen until December. It is going to leave a lot of people in limbo.”

Real Estate Institute of Victoria president Leah Calnan said with no viewing allowed, the ­whole market was affected.

“The delay in allowing private inspections means that many people will be unable to make the move they so desperately have to make or commit to a property without seeing it first. That is ­unacceptable,” Ms Calnan said.