The Reality Of Buying And Selling Post-Pandemic
The hurdles of last year were turning hazy in the distance as the property market peddled on towards a full recovery – with housing values across Melbourne, Brisbane, Adelaide, Canberra and Hobart knocking on the door of their September 2017 peaks, as per Core Logic's Home Value Index for February.
But for many who had recently planned to buy, or sell their properties during an opportune phase, plans had to be swiftly diverted.
With optimistic market forecasts now being forced into a corner by COVID-19, the industry has been fast to turn to technology in a concentrated effort to adapt to the government’s strategy in curbing the spread of the virus; which included a momentary ban being placed on public auctions and open houses.
REIA president Adrian Kelly supported the government’s measures that came into effect on March 25 and in a statement said, "With regard to public auctions, these can still occur via telephone bidding or by using one of the many online auction platforms available.”
Domain figures reveal that out of 1,248 public auctions that were scheduled in Melbourne for the second Saturday since the government’s announcement, 65% converted to private treaty and a shy 6% moved forward with an online auction. Tech-sentiments were a little more optimistic in Sydney – where out of 1224 schedule public auctions, 21% went online and 36% switched over for private sale.
* Nina Cuturic - Your Investment Property Mag 2020
Commentaires