Canberra’s property market could still be on the rise despite lockdown.
Canberra’s snap seven-day lockdown could further strengthen the city’s already robust market once restrictions are lifted, local real estate agents say.
Agencies are bolstering their virtual marketing capabilities and launching online auction platforms ahead of the weekend after ACT Chief Minister Andrew Barr announced a week-long lockdown from 5pm Thursday.
The announcement was triggered by a positive COVID-19 case who had been infectious while in the community, as well as positive wastewater detections. The source of the infection is unknown.
MORE: Car lover’s dream home in Melba
House prices rise more in a month than incomes in a year
“This is by far the most serious public health risk the ACT has faced in the past 12 months, and that’s why the ACT is introducing a strict lockdown in response to this positive case,” Mr Barr said.
On-site auctions have been cancelled. Credit: Getty Images
Under the lockdown, open inspections will not be permitted in-person and auction events have been cancelled, but virtual viewings and online auctions are permitted.
Canberrans must also wear masks outside their homes and can only leave their properties for essential employment, healthcare, grocery shopping and up to an hour of outdoor exercise a day.
Blackshaw Managing Director Andrew Chamberlain said a Canberra lockdown had been anticipated given recent outbreaks in Sydney and Melbourne and the business had been readying for this scenario.
Mr Chamberlain said while there was much concern about the lockdown, it would likely further strengthen the market once restrictions were lifted.
Property demand is still strong.
“The lockdown is fairly comprehensive. We can’t do any buyer inspections so we’ve been out taking videos of the properties,” he said.
“We’re moving our auctions online. The level of interest that we’ve got in properties is very high so we’re confident that isn’t going to change.
“This (lockdown) will only exacerbate the situation if anything. The way this whole market got started was contraction in the number of listings from the first round of Covid, fuelled by very low interest rates.
“Whether this (lockdown) is a week, whether it’s two weeks or a month, we’re going to come out the other side of this with the appetite for property just as high as it was before with 25% less properties for sale – that’s what the equation is going to look like.”
InStyle Estate Agents Canberra Principal Emma Baker said the business had invested heavily in virtual 3D tours with the onset of Covid last year. That preparation would stand them in good stead over the coming week, she said.
Adjustments will be made to ensure safety. Credit: Getty Images
“We have been Covid-proofing our business over the last 12 months … As a complimentary service, we do a 3D tour for all of our listings, purely for this situation,” Ms Baker said.
“We have gone straight into our no physical inspections. Those agencies that are forward-thinking and have done the 3D tours are a step ahead because we can still use them.
“I think the agents and the agencies that have strong marketing campaigns and are really relying on those visual marketing cues, whether it’s their video, their photography, their 3D tour, will not see a huge effect this weekend.
“It will only be agents and agencies in Canberra that have ignored Covid that will suffer.”
Holly Komorowski, from home by holly, expected buyers to remain in force during the lockdown.
“We will have to make adjustments to cater for online viewings and auctions will go online,” she said.
“The truth of it is because it’s a hard lockdown for seven days there will be some limitations. We won’t be able to send photographers in and we won’t be able to launch any properties next week that haven’t already had photos taken, so there is going to be a pause at least for the next seven days.
“But given we’re now well experienced in what we have to do and how we need to operate and co-operate in a Covid environment, I think we’ll be OK … I don’t think it will influence people’s willingness to purchase because there are still lots of people still trying to secure properties.”
The post Canberra’s snap lockdown could fuel property market further appeared first on realestate.com.au.
Canberra’s snap seven-day lockdown could further strengthen the city’s already robust market once restrictions are lifted, local real estate agents say.
The post Canberra’s snap lockdown could fuel property market further appeared first on realestate.com.au.
