The ACT real estate market has been under increasing pressure due to the current COVID-19 lockdown restrictions.
Chief Executive Officer of the Real Estate Institute of ACT Michelle Tynan says the biggest issue her industry is facing is the lack of supply of new stock while the current market is dwindling.
โWe canโt get building inspections, reports, video footage and photos of properties which means we canโt bring many new homes to the market,โ Ms Tynan said.
โWe respect and understand the health advice and are trying our hardest to keep people safe but we will have to figure out how to move forward under the current restrictions.โ
The pressure has been mounting on real estate agents to keep the market moving during these uncertain times.
Auctions have been moved to Zoom as the main bidding portal and agents say it lacks the atmosphere of a big crowd.
Due to lockdown restrictions, theyโve found buyers registering who have never viewed the property, or have only viewed it once, which is very different to normal times.
Canberra real estate agent Michael Potter says that overall people are feeling a bit apprehensive to buy until the restrictions are eased.
โWith the listings that are coming onto the market, our hands are tied when it comes to inspections, photos, stylists and gardening,โ Mr Potter said.
โI really feel for the vendors who have purchased a property with bridge financing and are going to be paying double mortgage until they can sell, and I particularly worry about the young agents with families to feed.โ
Mr Potter says while the day to day is difficult for real estate agents, the market is still bubbling along with heaps of heat, and properties are still selling above expectations.
Partner and sales agent at McGrath North Canberra, Justin Taylor says he recommends for agents to keep their motivation levels up and to continue contacting clients to check in and to touch base regarding their wellbeing.
โI know this is a difficult time and Iโm empathetic to peopleโs situations so Iโm not going out of my way to try to hassle people for business, it feels wrong right now,โ Mr Taylor said.
โAlthough, Iโve had a busy last two weekends with a 100 per cent clearance rate from the online auctions because thereโs a shortage of homes for sale but more people competing to buy.โ
He believes the once the lockdown is over there will be more properties on the market that are on hold at the minute, but prices will remain strong and keep rising.
โCanberra, in particular, have already seen what the property market has done while weโve been dealing with Covid and arenโt scared the market will drop,โ Mr Taylor said.
With record house prices that keep increasing and huge demand in the market, real estate agents are looking optimistically towards the end of lockdown.
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