May 13, 2020 Eview Group

Dust off the Gavel and gear up to get back!

This week we have seen the nation take its first steps towards easing restrictions and transitioning us all out of ten weeks of hibernation. Although all states are working towards igniting their economies and regaining a sense of normality, individual states have the power to implement each phase, at their own discretion, guided by their individual conditions.

During the initial few weeks of February, Australia began to feel the early impacts of COVID-19. What was to follow in the leading months, left many Australian’s in shock; introductory restrictions were publicized in conjunction with travel bans for non-citizens arriving from China. As the days went on, these initially implemented restrictions went on to tighten multiple times, limiting (if not abolishing) business across many industries. In some cases, rapid business evolution was the only option to ensure operations survived. For us, within the real estate industry, it was a confusing and cloudy time. We witnessed a tightening of restrictions within a matter of days, reducing us to digital capacity, introducing virtual inspections, auctions, and property appraisals.

Yesterday’s announcement saw an ease in restrictions, making us wonder what life may look like post COVID-19. Many within the industry are floating the idea of an early ‘Spring marketplace’, as possible consumer confidence is re-established within the property market.

Let’s dissect our new ‘eased boundaries’ and decipher whether it may be the right time to launch if you are in-fact, thinking of selling.

What has changed?

As of yesterday, Wednesday 13th of May 2020, Victoria has now joined Western Australia, New South Wales, South Australia and Queensland, in the ability to facilitate on-site auctions; conforming to a maximum of 10 people in attendance, excluding the minimum number of agents required to run the auction. This is welcomed news for Victoria, with Melbourne the auction capital, nation-wide.

Although it may be months before we see restrictions dramatically ease, enabling the ‘traditional’ format of auctions to return, drawing large crowds and igniting an ‘emotional energy’ within buyers, the new limitations are definitely a step in the right direction.

CEO of Eview Group, Manos Findikakis offered his thoughts, ‘it’s an exciting time as we see the introduction of new, eased restrictions. It will be interesting to see how agents respond to these new constraints; some may remain utilizing the online format, opting for larger buyer numbers, others may relish in the more intimate and exclusive setting defined by a maximum of 10 in attendance. It’s definitely going to be dependent on the marketplace, in conjunction with the vendor’s wishes.’

Additional changes

In addition to the eased restrictions around auctions, changes have also occurred around property inspections, for both residential sales and rentals. As with auctions, open homes will now resume, and will occur a limitation of 10people in attendance at any one time, other than the minimum people required to host the inspection.

One permitting factor in reopening public inspections sees agents compelled to document buyer’s details, including full names and contact numbers, to assist in any contact tracing, if required.

With our first weekend of public open homes looming, it will be intriguing to see just how many occur, with the possibility of many owners potentially refraining from multiple, unknown buyers entering their homes. These next few weeks may amplify the need for public inspections to cohesively exist in conjunction with private inspections.

What you need to know

As restrictions ease and new limitations enforced, please be assured our Eview Group agents are dedicated to implementing appropriate personal hygiene and sanitization protocols, whilst remaining vigilant around social distancing practices.

Although recent restrictions have limited the ease of facilitation around hosting auctions and showcasing properties to multiple buyers at any given time, many agents are expressing the exceptional quality of both, current buyers, and sellers. With serious buyers still actively in the marketplace, if you have contemplated selling, this may be the right time for you.

If you are dabbling in the idea of selling, or would like professional advice regarding a property purchase, please do not hesitate to contact your local Eview Group agent, at www.eview.com.au.