Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

REIV calls for lifting ban on home inspections

home inspections

REIV CEO Gil King said the ban on home inspections only results in an unnecessary burden that affects players in the property market

Australia’s Real Estate Institute of Victoria (REIV) has called for the state government (Victoria) to lift the ban on home inspections.

REIV CEO Gil King said the ban on home inspections only results in an “unnecessary burden” that affects players in the property market.

Without it, buyers and renters are flying blind, and sellers and rental providers aren’t able to position their asset at its best. It means for a significantly weakened exchange, Mr King said.

Mr King said the ban affects not only would-be homeowners and mum-and-dad investors but also potential tenants who are prevented access to rental properties.

With the inevitability of more snap lockdowns until a COVID-19 vaccination target is reached, the REIV is calling for the Victorian government to remove this unnecessary and onerous restriction and allow the sector to get on with essential business, he said. Private inspections can be held safely.

Late last year, REIV has suggested to allow one-on-one inspections of properties with the assurance of compliance to COVID-Safe guidelines.

According to REIV, some measures that can be considered include allowing only one person at the property with an agent to supervise and assist.

Other safety precautions include disinfecting and cleaning before and after inspection, wearing masks and not touching surfaces during inspections.

The agent must also record contact details of potential buyers for tracing purposes.

Private one on one inspections are absolutely safe. This is about people, buyers, vendors and tenants alike, Mr King said. Allowing private inspections means that the market will be ready for revival when the time is right.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.