Auctions were moved forward to beat the deadline and motivated buyers and sellers in Knox are rushing to close deals.
Fears of a shutdown of auctions and open for inspections have come true and led to greater market urgency, local agents say.
Ray White Ferntree Gully, which mostly uses on-site and in-room auctions, hastily rearranged and brought forward several auctions scheduled for the next two weekends.
Two sold on Tuesday and eight more were held on Wednesday, while several have also sold before auction, agency director Patrick McConnachie said.
Several more Knox agents also organised auctions the same evening.
Ray White Ferntree Gully had 36 auctions slotted over two weekends and had sold another 25 so far in March.
“Our focus is to the best thing for our vendors and give them the best advice, whether move an auction or to accept an offer,” Mr McConnachie said.
“No one knows what will happen so we are trying to generate the highest offer for our clients before a lockdown.”
He added that all the properties sold before auction had fetched prices well above the vendors’ expectations.
“The industry is trying to keep trading not because we are greedy but because many sellers and buyers are already committed to buy or sell,” Mr McConnachie said.
“There are those who have sold and need to move out in 90 days and so are keen to buy.”
In the past week, Barry Plant Rowville has sold $7.5 million worth of property in eight sales and also listed five homes in three days.
“Buyers with confidence still outnumber those who lack confidence right now,” agency director Brenton Wilson said.
“We are also listing heaps, and seven homes in Rowville have listed in recent days.”
He noted there were anxious sellers who had bought earlier and needed to sell soon.
“There is an urgency to sell and motivation to buy in the market,” Mr Wilson said.
Mr Wilson said the Barry Plant Group’s “sale by set date” method would suit buyers and sellers now that public auctions were banned.
“It gives buyers and sellers a deadline after a campaign just like an auction,” he said.