By Anthony Webb
The real estate industry’s adaptability was on full display last week when the latest COVID-19 restrictions were announced. Many auctions were moved forward to Thursday night, ensuring the sale could be inked ahead of the 11.59pm lockdown. Others were moved to an online format across the weekend. Although the current stage 3 lockdown restrictions make this time for vendors and buyers very stressful, it is not unfamiliar territory.
Following Melbourne’s previous five-day lockdown earlier this year, we saw a real sense of urgency from buyers in the market who snapped up properties quickly due to the uncertainty. And on the flip side, vendors were acting with caution. This resulted in low stock supplies and an extremely competitive market.
So, how should vendors and buyers approach the current lockdown?
For people looking to buy, there is a real opportunity to secure a property if you are well researched and have inspected the home. I encourage jumping in with a strong, unconditional offer to take advantage of a less competitive market. Having had enough practice last year, agents are well-equipped to move auctions, inspections and signing of contracts online, so you can feel confident in the digital process.
For vendors, the market is still strong and properties that are priced right will continue to sell well. What we might see is less stock come to the market as people sit back to see what happens. This hesitancy among sellers will lead to a decrease in supply, which could create further competition.
To have a chat about navigating the property market in these uncertain times, give us a call today.