How COVID-19 Is Impacting The Real Estate Market

April 01, 2020

Buying and selling property in Australia has changed for the foreseeable future due to the COVID-19 outbreak.

As a community, we are all being impacted; and as a nation we are all banning together to protect one another.

The state and federal governments have introduced necessary restrictions to stop the spread of the virus. This included limitations on open for inspections as well as the number of people attending them.

Can I still sell my home?

Of course, all agents have adapted to the new restrictions. Introducing video tours to majority of homes, private inspections and online auctions.

Can I still buy at an auction?

A lot of agencies have moved to online auctions using tools such as Gavl, where possible Reliance will be using this system; other vendors selling their homes have opted to move to private sale for their property.

Can I still inspect a property that I am interested in?

After viewing the property via the video tour*, we recommend contacting the selling agent to arrange a private inspection of the premises.

What if I can’t make my mortgage repayments?

Most banks are allowing customers to pause their loan repayments for up to six months if they are experiencing financial hardship. We recommend contacting your bank directly.

What if I can’t pay my rent?

If you think you might not be able to pay your rent due to financial hardship, you should advise your property manager or agency as soon as possible. Reliance’s priority is protecting and assisting all our clients during this trying time.

How will COVID-19 impact the property market?

At the moment, we are predicting a short-term impact, however most experts are predicting the market ‘bounce-back’ once concerns over the virus has passed.

Tips for Selling during COVID-19:

  • Choose an agent that utilizes technology, implementing virtual tours and live-streamed property inspections for buyers.
  • Elect an agency that has a protection and commitment plan in place during the COVID-19 virus.
  • Ensure you are sanitizing all surfaces prior to an inspection.
  • Ensure you and your family are not present during the Inspection.
  • Notify your agent at any time if you do not feel comfortable having people in the home.

Tips for Buying during COVID-19:

  • Make direct contact with the Agent to view the desired property.
  • View the Virtual Tour / Video of the property online (if available)
  • Ensure the agency and agent has a protection and commitment plan in place during the COVID-19 virus.
  • When viewing the property, we are restricting the number of people in the home to two
  • Restrict opening doors or touching fixtures during the inspections.
  • Sanitise your hands prior to inspection, and where gloves provided (if applicable)
  • Maintain a safe 1.5-2metre distance from other people in your surroundings.
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