Market update: COVID-19 pandemic, will real estate prices drop?

More than 3065 property auctions scheduled across Australia this week are in limbo after the government banned public auctions and open homes from Wednesday.
Some selling agents and vendors are scrambling to move the public auctions to private treaty, while others are rushing to set up their auction online or rescheduling the auction dates for those who want to continue.
The sentiment throughout agencies is that these measures will no doubt impact the market, but they can be quickly adapted to.
The ban on auctions is not a huge deal for us in Brisbane as only 3 per cent of homes sell via auction in this market (compared to 27 per cent in Melbourne and 25 per cent in Sydney).
For open home inspections agencies, including ours, will schedule private appointments.
And the million-dollar question, what will all this do to prices?
According to Tim Lawless, research director of CoreLogic ‘while the ban on public auctions and open homes was disruptive, it was unlikely to cause a drop in home values’.
Banks have also given homeowners six months leeway if they can’t pay their mortgage, which will largely prevent mass fire sales.
Concerned or have questions about your current real estate situation?  Get in touch with us today.