01 April 2020

Buying or Selling Property During COVID-19?

The fight against the COVID-19 pandemic is challenging each and every one of us in ways we could never have imagined. Whether it be home schooling our children due to school closures, heartbreaking decisions for businesses to shut down, or the implementation of stricter social distancing rules for all of us. The message is clear – whilst we need to do everything we possibly can to control the spread of the virus, there is also a dire need to keep the economy moving.

In response, we have seen emergency cuts to the national cash rate reduce interest rates to the lowest level they have ever been. A large number of Australian banks are now offering deferred mortgage payments for 6 months to help manage the economic impact of the COVID-19 crisis.  The reality is, for those of us fortunate enough to be safely employed, there has never been a better time to buy property.

Despite the pandemic there is still a considerable amount of properties currently for sale. Those that were due to be Auctioned have now either been moved to an online Auction bidding platform or are now for sale with an asking price. We are experiencing an increased motivation from bother buyers and sellers at the moment to finalise a sale or purchase as soon as possible in light of the future’s uncertainty.

We are pleased to advise djw property is still open for business and can report a good supply of quality property on the market right now. We are taking the appropriate measures to keep our clients, properties and local community safe by reverting to online auctions where purchasers can bid on the property from day one. There is enormous flexibility with these types of campaigns which can be as short as 1 week or as long as 4 weeks. It’s a great way to test the market and establish a true market value.

We will continue to show our properties to prospective buyers with the following strict guidelines in place:

  • For Auction properties, a dedicated time for inspections will still be advertised however buyers will need to pre-register for a 10 minute time slot and will be carefully screened before being allowed entry to the property;
  • For Private Treaty properties, we will continue with private appointments and buyers will also be screened before entering the property;
  • A maximum number of one agent accompanying two people who reside together are permitted inside a property at any one time;
  • All buyers are provided disposable gloves to wear whilst in the property and discard them upon leaving the property;
  • Supplying of masks where requested;
  • Properties are sprayed with disinfectant prior to inspection as well as post inspection to further protect both buyers and sellers;
  • No physical contact such as hand shaking is permitted;
  • All sales agents to uphold a strict hygiene regimen such as regular hand sanitisation;
  • If any of our staff are unwell they will not be permitted to come to work.

If you are considering selling, there are still many buyers out there who are ready to take advantage of the current conditions. Less competition combined with a cash rate at historically low levels creates a buying environment not to be missed.

Contact the team at djw property to discuss your property needs on 9544 9688.