Buyer activity still strong in some markets

By Gerv Tacadena | 23 Apr 2020

The COVID-19 outbreak might have already dampened consumer sentiment but some markets continue to see activity from "motivated buyers", real estate agents said.

Paul Spanoudakis, principal at Raine & Horne Maroubra, said while technology helps agents carry out their businesses, the use of "old-school" sales techniques enables them to seal the deal with buyers.

"Technologies such as virtual 3D tour technologies are working well in getting buyers to take an interest in a property. However, it's the selling skills employed at a private inspection that seem to be getting transactions over the line in this market," he said.

Spanoudakis said while buyer enquiries have moderated amid the coronavirus outbreak, there are still places across Australia where buyers remain active.

"There are people who have preapproved mortgages and are motivated to buy now. It's a great time for these people to buy with interest rates at historic lows," he said.

Sydney's eastern suburbs were amongst the housing markets that remained active amid the unprecedented challenges posed by COVID-19, Spanoudakis said.

Also read: "Accidental" investors are rising?

In some areas like the south-western suburbs of Adelaide, sales this month have already surpassed March figures, said John Cullen, principal of Raine & Horne Kurralta Park.

"Buyer numbers are still strong, and there are plenty around who have finance in place looking to make a move," he said.

Cullen said sellers who were flexible with their asking price were more likely to strike a deal with potential buyers.

"If properties are priced to sell by their vendors, then they are selling. If vendors are sticking to pre-COVID prices, then they won't sell. In this situation, the experienced real estate agents are sheltering their vendors from opportunist buyers who are making these significant lowball offers," he said.

Still, Cullen said buyers need to be able to take advantage of the "pause" in the market, as prices are poised to shoot up once the measures to stop the spread of COVID-19 are relaxed.

"We saw how the real estate market bounced after the end of GFC and once again in the wake of last year's Federal Election when negative gearing laws were retained. Throw in interest rates at historic lows, and the Adelaide market will bounce once we get through this health crisis," he said.

Top Suburbs : coolbellup , stafford hts , north epping , campsie , marrickville

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