Coronavirus real estate: Inner West market to keep going despite restrictions on property sales

Coronavirus real estate: Inner West market to keep going despite restrictions on property sales nmprofetimg 1727
QLD_CM_REALESTATE_HOTTOPIC(2)  Coronavirus real estate: Inner West market to keep going despite restrictions on property sales capi 8ce79c5d1cd610c34d99d2dab922be5c a4921c8248346556d34ca7299da07f1e

Auctioneer Tara Kelly is one of the many who will be conducting auctions via the internet. Picture: Annette Dew.

New measures aimed at curbing the spread of coronavirus are expected to redefine the way property is sold in the inner west for the indefinite future.

The Australian Government announced last week that all auctions held at auction houses or on-site, as well as traditional open home inspections would not be allowed to continue.

The move will see property auctions and inspections shift online as local real estate agents look to reinvent how the inner west buys and sells.

MORE: Historic landmark up for grabs in Sydney hot spot

The homeowner trend that could hurt sales

Rebel Wilson scores big property payday

On-site inspections will still be occur during this time, but will instead be done by appointment.

Real Estate  Coronavirus real estate: Inner West market to keep going despite restrictions on property sales capi 8ce79c5d1cd610c34d99d2dab922be5c a41650d4a949dfecbd00f87c4e3ab433

No. 20 Albion St, Concord, has just hit the market with a forthcoming auction.

Ray White Drummoyne agent Chris Wilkins said he is planning to conduct open homes in 15 minute blocks over a one to two hour period.

“This will allow us to hold an open house while respecting social distancing rules,” he said.

“We could even offer food and drink to give the open house a bit of atmosphere.”

Mr Wilkins said while the market will experience some challenges, he does not expect house prices to be affected.

“With a lot of sellers opting to sit out, I expect little changes in prices due to supply and demand factors,” he said.

Real Estate  Coronavirus real estate: Inner West market to keep going despite restrictions on property sales capi 8ce79c5d1cd610c34d99d2dab922be5c 60afabd9328992247a8c70ad281ef07b

No. 13 Reserve Ln, Annandale, is being sold by private treaty.

While private treaty is expected to become more popular over the next few months, Mr Wilkins said he will encourage his clients to go down the online auction route.

“This helps create a deadline and a sense of urgency that makes the auction method so successful in getting the best price in the quickest time frame,” he said.

Belle Property Annandale’s Simone Azzi said she was planning to change her upcoming auctions to private treaty.

“Now is the time to go back to basics and sell via private negotiations as it will give sellers more security and safety during these times,” she said.

Last auctions before ban  Coronavirus real estate: Inner West market to keep going despite restrictions on property sales capi 8ce79c5d1cd610c34d99d2dab922be5c 7951e039192a0c9da3e3a1d813592c1d

Auctioneer Peter Matthews holding an online auction. Picture: Jonathan Ng.

Ms Azzi is also taking extra measures for buyers who inspect a house by offering gloves, face masks and pre-opening doors and cupboards to limit contamination.

Strathfield principal Norman So said while COVID-19 will impact stock levels, there will still be buyers and sellers in the market.

“A good property will always attract strong interest, no matter what the market is like,” he

Mr So said there would be benefits for buyers and sellers who remain in the market because of supply and demand.

“It is a great time for buyers who have struggled to get into the market over the past few months as they will be up against less buyers,” he said.

“Sellers who enter the market during this period will have less competition and more interest from buyers.”

said.

SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER