From the horse’s mouth – how the real estate industry is responding to the coronavirus

Written by realestateview.com.au in Property News on April 3, 2020

Cameron Way of Woodards

With the government imposing recent bans on onsite auctions and public inspections, the real estate industry has had to respond quickly, making some major – but innovative – changes in a very short space of time.

We had a chat to the Director of Woodards Blackburn, Cameron Way, who reflects on the past few days and discusses where he sees the market heading in the coming weeks.

cameronway

Cameron Way
Director Woodards Blackburn

Are you able to provide some commentary around this week’s auctions in VIC and the current market conditions we are facing?

Our auctions for last week had to be modified very quickly on the back of the government announcement. We originally had nine Public Auctions scheduled for the Saturday, so we strategical positioned 50% of those to sell prior to auction, and the remaining four were converted across to Deadline Private Sale for the following week.

I would think this would have been fairly indicative of other scheduled Auctions across metropolitan Melbourne with some opting to proceed to an Online Auction.

How have you and your team adapted to the restrictions put in place?

We have certainly had to modify the way we go about our day-to-day business, particularly our interface with the general public at opens and auctions. Following the ever-evolving government protocols and guidelines it is absolutely paramount to ensure the safety and well-being of our staff and customers. Our staff are encouraged to maintain their own personal hygiene kits to be used when out in the field. Buyers have been advised of strict entry protocol restrictions to each property.

How have vendors who are midway through a campaign reacted and changed their approach to this new environment of selling a property?

It’s fair to say there is some uncertainty amongst some vendors and others with a philosophical approach. Several are readjusting their thinking on original price expectations.

What have you and your team have seen from buyers in the past week and how have they have reacted to the restrictions?

This has been very mixed, with several buyers in the transition phase keen to transact to secure their next home, whilst others have been a bit more hesitant in making a decision and are opting for the ‘wait and see approach’ by sitting out for the moment.

How are you and your vendors planning sales campaigns in the next few weeks?

All our vendors with future campaigns have moved across to Deadline Private Sale and are continuing as normal. There are definitely buyers out there!