Online enquiry still flowing in
With everyone working from home, the email and online enquiries are still flowing in for properties we have on the market. While city agencies have been hit harder due to restrictions on auctions, the cessation of auctions has had very little impact on us, because, we sell far more properties (over 98%) via private treaty rather than auction.
We have a couple of properties partway through the auction process which have now been placed on hold. We have the option of online auctions if required, or properties that are being auctioned can also be sold via private treaty prior to the auction itself.
The changes will not have a great impact on our auction sales, as we only auction a dozen or so properties a year in favour of private treaty sales or price by negotiation.
Changes to the open for inspection rules mean we can no longer hold opens, however, by far the majority of our sales occur by private inspection. These changes would have a far greater impact on the city real estate market as opposed to regional areas.
Almost all of the properties we currently have for sale are available to inspect by appointment only, this way we can also comply with stricter health measures and also better qualify our buyers prior to an inspection being confirmed.
Overall, I am not too concerned on the tighter real estate regulations, however, the quicker the crisis improves the better it will be for our local market. At this point in time we just need to be safe.
Most of our holiday lettings have been cancelled and some of our tenants are doing it tough due to job losses which also impacts our landlords.
From a sales point of view, the market has decelerated since a very strong sales month in February where we achieved a sale a day, however, there is still buyer activity.
Interestingly, we have a captive online audience with everyone currently working from home, so the online enquiries and phone enquiries are still flowing in. Once things improve from a health point of view we expect the market to recover reasonably quickly.
We have safety strategies in place for our staff and clients which are evolving daily.
This week we will be introducing some new marketing platforms so people can do ‘online inspections’ from the comfort of their homes.
PICTURED: The auction of lakeside acreage Shady Acres in Narrawallee has been placed on hold, but it will still hit the market and can be sold via private treaty prior to auction.