Brighter Buying

Market update: Open homes are back

by Justin Watt, CEO 7 May 2020

On Friday, the Queensland Health Minister gave the go ahead for open homes to recommence.

However, there are strict rules to adhere to;

  1. A maximum of 6 people including the real estate agent are allowed inside the building at any one time.
  2. There is to be no more than one person per 4 square metres
  3. Auctions are not included.

New South Wales authorities have lifted their bans entirely as of this weekend but it is not yet know how long it will take QLD to get to this stage.
Antonia Mercorella, head of the Real Estate Institute of Queensland said “We want to make sure that we don’t go back prematurely and too early. We certainly wouldn’t want to see a second wave, that would be ­disastrous. So our view is that while we are keen to get back to business as usual, we have to be very cautious in our approach.”
While we go ahead with restricted open homes this weekend we will still be following strict distancing rules, maximum person restrictions, limiting touching, and ensuring vulnerable groups were protected.
Despite significant falls in other property indicators like listings, clearance rates, sales and sentiment, Corelogic’s house value index showed no evidence of decline in April.
Brisbane values grew 0.3% to a median value of $507,982.
“It comes back to the fact this is not a financial crisis. Interest rates remain very low and the banks are lending so if you have a job you are in quite a good situation to buy. That’s what’s propping up the market” chief economist Nerida Conisbee said.
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