Even with the COVID-19 open inspection and on-site auction bans, you can still buy and sell property.
Even though the Prime Minister, Scott Morrison, has announced that open inspections and on-property auctions are no longer able to occur, as part of measures to stop the spread of COVID-19, real estate agents are still able to list and sell property.
Private property inspections are still able to occur, many agents are also offering virtual inspections and online auctions can be used instead of them being held on property.
We’ve actually seen a strong surge in transactions in the last month. We think this is likely due to the jitters in the share market and the historically low interest rates.
Tips for sellers
If you’re a seller, we suggest you speak to an agent in your local area, as now could potentially be a great time to sell given there is clearly purchaser interest still out there and there is likely to be a reduction of properties on the market. Basic economics suggest that a lower supply with a sustained demand should deliver a great result. It’s obviously best to obtain advice from the local agents in your area to get their opinion on the market.
Tips for buyers
Conversely if you are a buyer, this could be a great chance to secure a great property that is likely to be more affordable to you given the two recent reductions in interest rates. We are seeing property owners out there taking the opportunity to upgrade by buying and selling in this market and ending up with a great outcome. We suggest you speak to your Loan Broker, Banker and/or Financial Advisor to obtain advice on whether this could be an opportunity to either get into the property market or potentially trade up to a better house in a better location.
While paper settlements have been put on hold with the closure of the settlements room at the LTO, settlements are still able to occur through the electronic settlement platform PEXA. We are completing all settlements on this platform and it’s working very well.
We’re here to assist
Please contact me if there is anything we can do to assist you in this time. Please keep in mind that we also have our out-of-hours communication service, Eckermann Assist, should you have any queries in relation to contracts, Form 1s or conveyancing.