Real Estate

No auction but can bid at home or opt for a ‘private treaty’ sale

REAL estate auctions and open house inspections might have stopped under a tough new crackdown to combat the spread of coronavirus, but the real estate industry is up for the challenge.

Real Estate Institute (REI) president Adrian Kelly said it wasn’t a shutdown of the industry.
“There are still ways of conducting inspections and to auction property,” he said.
Ray White Bankstown Principal Tony Roumanous is conducting his agency’s auctions via phone bidding.
“There will be a few of us on site authorised to take bids from those registered, with full social distancing measures in place,” he explained.
“There will be no more open homes either, everything will be by appointment.
“We are happy to follow the safety restrictions and are trying to stay as optimistic as possible.
“I’m certainly pleased I’m not a one-man band and we’re fortunate we’ve got a great team of 30, so we can still meet everyone’s needs and all requirements.”
Chambers Fleming Professionals Padstow Director Todd Owsnett says his business will continue in a modified form.
“From our angle, it’s all good to stop auctions and inspections as it is in the public interest,” he said.
“A lot of our auctions will switch to private treaty campaigns and our viewings will also be private.
“But if anyone wants an auction, we can utilise online auction systems and hold a virtual auction; it’s very simple to do but it’s up to the client and we will work it out on a case by case strategy.
“Our thoughts are with everyone who have been impacted at this time.”
First National Daystar Principal Michael Sleiman is still marketing properties as an auction sale up until the date passes.
“After that, buyers can then make offers and still buy under auction conditions, as in no cooling off period,” he said.
“The bigger issue is whether people are comfortable to buy in this climate but there are always going to be buyers out there, we just have to give them options.
“We all need to help each other at the moment.”
L J Hooker Padstow Principal Lush Pillay has switched to auctions online.
“Inspections are all by appointment and we are using the online platform called Auction Now,” he said.
“So there will be an auction campaign in place and if it sells prior to auction, it sells, otherwise people can bid in the comfort of their own home.”