{"id":24515,"date":"2020-04-07T16:11:12","date_gmt":"2020-04-07T04:11:12","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=24515"},"modified":"2020-04-07T16:11:20","modified_gmt":"2020-04-07T04:11:20","slug":"this-is-going-to-change-the-entire-real-estate-industry-australia","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/this-is-going-to-change-the-entire-real-estate-industry-australia\/","title":{"rendered":"&#8216;This is going to change the entire real estate industry&#8217; | AUSTRALIA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO: Selling to the pre-existing network: This 19 Ross Street, Toorak, house was purchased for $4.5 million by a Hong Kong-based buyer who contacted the agent by Whats App<\/strong>.&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\"> Vendors in a sharply weakening market are refusing to pay the thousands of dollars upfront to advertise their properties, prompting agents to promote homes off-market and rely on their own networks &#8211; rather than listing portals realestate.com.au and Domain &#8211; to find buyers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ban on public auctions and traditional open inspections that prompted more than half of last week&#8217;s scheduled 2684 auctions to be withdrawn has already prompted one real estate agent to demand a significant change from the two largest real estate portals &#8211; free listings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RELATED: <a href=\"https:\/\/www.propertynoise.co.nz\/chilling-prospect-for-proud-sydney-and-melbourne-home-owners\/\">Chilling prospect for proud Sydney and Melbourne home owners<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;It\u2019s really important that we continue turnover,&#8221; said John Bongiorno, a director of Melbourne agency Marshall White. &#8220;My proposal was they offer clients a 45-day free listing on both portals and in the event the property sells, the client pays.&#8221;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Free listings without any payment is definitely not a viable option for us<\/p><p>\u2014&nbsp;REA Group CEO Owen Wilson<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Under pressure, the portals are trying to make concessions. REA Group, the owner of market-leading realestate.com.au, is already offering vendors the chance to relist their property for free if it doesn&#8217;t sell after a 45 or 60-day paid campaign and is for now rejecting the idea of free listings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.afr.com\/property\/residential\/this-is-going-to-change-the-entire-real-estate-industry-20200406-p54hl8\">AFR<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.propertynoise.co.nz\/how-house-prices-could-fall-by-50-as-coronavirus-brings-on-a-depression-australia\/\"><img decoding=\"async\" data-src=\"https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/04\/coronavirus.jpg\" alt=\"house prices\" class=\"wp-image-70255 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><figcaption> <a href=\"https:\/\/www.propertynoise.co.nz\/how-house-prices-could-fall-by-50-as-coronavirus-brings-on-a-depression-australia\/\">How house prices could fall by 50% as coronavirus brings on a depression | AUSTRALIA<\/a> <\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Selling to the pre-existing network: This 19 Ross Street,<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/this-is-going-to-change-the-entire-real-estate-industry-australia\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":24516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478109111,478108051,478109251,478103945,478098903,478098980,478098738,478098727,478103976,478098737],"class_list":["entry","author-data123nz","post-24515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-covid-19-lockdown","tag-domain-com-au","tag-free-listings","tag-online-listings","tag-rea-group","tag-real-estate-industry","tag-real-estate-listings","tag-real-estate-offices","tag-real-estate-sales","tag-realestate-com-au"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&#039;This is going to change the entire real estate industry&#039; 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