Property auctions and inspections will shift online as the real estate industry takes adequate measures to adapt to recently announced bans on public gatherings.
Prime Minister Scott Morrison said on-site and in-room auctions, along with open for inspections, would not be allowed to continue until further notice.
The announcement caused some confusion for homeowners with properties currently up for sale, but we can confirm most sales are set to continue and the market was not being put on hold.
More than 3000 properties, including 1200 in Sydney, were scheduled to go under the hammer nationally this week, before the ban on public auctions was announced. CoreLogic reported it was not yet clear how many auctions were withdrawn or postponed since the ban was announced.
Agencies have adapted to the current conditions by providing alternative options towards our regular practices, with the launch of digital inspections allowing prospective buyers and renters to do property tours remotely. Additionally, MMJ offer the option for FaceTime inspections if desired with our agents.
Recent reports stated that there will likely be a dramatic drop in the number of listings, but housing experts warned lower transaction volumes would not necessarily mean prices will drop.
However, it's not all doom and gloom as the housing market has been remarkably stable in the past few weeks given the uncertainty over the conditions.