On Tuesday 24 March, Prime Minister Scott Morrison announced that auction houses and gatherings together in auction rooms as well as open house inspections, “can no longer continue.” While this means private inspections are still allowed to go ahead, the way we conduct open houses will be changing.
Real Estate Institute of Australia president, Adrian Kelly, told Realestate.com.au that the bans would not shut down the real estate industry, only transform it. “There are still ways of conducting inspections and to auction property.”
From online house tours to over-the-phone auction bidding, here are just a couple of ways we’ll continue operating to help you buy, rent or sell a property.
Virtual property tours
Virtual tours are nothing new, but now they offer us a vital way to give you insights into a home or property while doing our part to help flatten the curve when it comes to the spread of the Coronavirus. In fact, research by Realestate.com.au shows that people already spend more time on property listings that include a 3D tour compared with those listings that don’t.
Technology makes digital inspections an easy reality as we’re able to use video walk-throughs to show the entire property to potential buyers and renters who don’t even have to leave their own house to see them.
Set to go live soon, Realestate.com.au will be launching Digital Inspections where videos taken professionally or filmed by us real estate agents will sit under buy and rent listings on the website. REA Group Chief sales officer, Kul Singh, spoke on realestate.com.au about the new features being rolled out to support the property market. “Digital Inspections is the first of our new features to help the market adapt to the evolving conditions.”
Digital and virtual inspections offer us and our clients a safe environment and user friendly way to inspect a property.
Property auctions too are still able to go ahead given a few tweaks. We’re moving auctions to online streaming platforms with auctioneers accepting bids over the phone or online. Technology is already well positioned to take the place of on-site auctions, however, there are some fears that property prices will be affected by the changes. CoreLogic auction analyst, Kevin Brogan, told Realestate.com.au that it was impossible to know the extent to which prices would be affected.
Finder.com.au insights manager, Graham Cooke, also told Realestate.com.au that the success of sales would mostly depend on buyers and how quickly they’re able to embrace online bidding and inspections, considering how new they are to the real estate industry. “There may be an adjustment period… it will squeeze prices.”
As private treaty sales will be able to continue, many auctions have been cancelled in favour of a private sale, but there’s no reason why your auction can’t take place online.
Don’t be surprised to find more and more virtual open homes, property inspections, meetings and auctions to pop up on a screen near you soon! Speak to us about moving your house hunting or selling online today.