PHOTO: Auctioneer James Pratt (right) said agents were breathing a sigh of relief. Picture: Monique Harmer Source: News Corp Australia
More than 100 NSW homes will go under the hammer this weekend in the first sales since bans on public auctions were lifted and much will hinge on how the sales progress.
Sydney real estate will reopen for business this weekend with the first pubic auctions and open homes in almost six weeks, providing a major test for the market.
Nearly 140 homes will go under the hammer across NSW and hundreds more will be open for inspection as government moves to restart the economy after some success in limiting the spread of COVID-19.
Inspections had previously been restricted to private viewings of just two people for health reasons since late March, while on-site auctions were banned.
Agents reported they were “cautiously optimistic” about the weekend sales and the launch of future listings may hinge on their success.
The restrictions had largely crippled the industry, helping drive a mass withdrawal of properties from the market and a 43 per cent drop in transaction activity. Some properties were put up for auction via online bidding platforms, but to mixed results.
CoreLogic head of research Eliza Owen said the return of open homes could encourage more homeowners to list, but it was not clear how buyers would respond to public auctions.
Even with the move to online sales, auctions have been relatively untested in recent weeks because of the large rate of withdrawals and more owners selling prior to auction, Ms Owen said.
Auctions were conducted online after on-site sales were banned. Picture: Jonathan Ng Source: News Corp Australia
READ MORE VIA NEWS.COM.AU
