Auctions and Open Houses are banned so what are my options?
The Australian Government has announced as of midnight on the 25th of March 2020 that all on site and in-room property auctions and all open house inspections will be banned due to the Covid-19 Pandemic.
What options are available?
Although open houses will be banned, no restriction has been placed on private inspections. This means that agents will be able to show properties to prospective purchasers by private appointment.
Many agents are also trialling and conducting virtual inspection where they walk through the property with prospective purchasers via a smart phone or table. Agents are also increasing the availability of photos, videos and virtual walkthroughs in marketing material to provide potential purchasers with more information to encourage private inspections.
Auctions are now being conducted by telephone or online auction platforms. Auctions are available to be streamed online through online portals.
In recent weeks, many agents have taken steps to move auctions on to these platforms in preparation for the growing changes to the market in the wake of Covid-19. Despite these changes auction clearance rates remained strong last weekend.
Although, these are quite substantial changes to the way that buying and selling property has traditionally been conducted, agents are adapting to ensure that the property market keeps moving. Vendors and purchasers will need to work alongside agents to adapt to these changes and remember that flexibility is key to moving ahead in these uncertain times.
Please note that information arising out of the COVID-19 issue is fluid and constantly changing every day. Should you have any questions, please do not hesitate to contact us on 9523 5535 or email firstname.lastname@example.org