On-site auctions to recommence as restrictions ease in NSW

After a six week ban, the NSW property industry will be given the green light to resume property inspections and on-site auctions this weekend.

The concessions should go some way towards restoring confidence in the market, after a dismal few weeks which saw auction clearance rates drop below 40%.

While real estate agents were quick to embrace digital solutions such as online auctions and virtual tours, the return of traditional face-to-face operations will likely come as a welcome development, said Mozo’s property expert Steve Jovcevski.

“Right now a lot of properties have been withdrawn from sale because of the inability of prospective buyers to inspect the properties in person. These withdrawn properties are counted in the clearance rate figures, thus distorting the overall picture,” he said.

“Now that public inspections will resume, properties will be less likely to be withdrawn and we’ll see clearance rates go up. People are also more likely to bid for a property that has been physically inspected.”

But Treasurer Dominic Perrottet reminded Australians that community safety is still a priority, and the easing of restrictions shouldn't give way to complacency.

“The real estate industry has been adaptable in transitioning to online auctions, property inspections by appointment or online, and now as we make the move back to a more normal mode of operation we must ensure safety measures such as social distancing remain a key part of the process,” he said.

“If we want to keep as many people in jobs as possible and businesses in business it is important to follow the safety advice and not put others at risk.”

RELATED: How to make your property move during lockdown

Along with observing the usual physical distancing requirements, vendors will have to take measures to minimise the risk of infection on-site. 

“Real estate agents should limit the number of people viewing a property and attending an auction, follow stringent cleaning and safety guidelines, ensure clients do not touch surfaces and always have hand sanitiser available,” said Minister for Health Brad Hazzard.

Anyone showing symptoms of illness will be barred from attending, and agents are urged to keep detailed contact records in case contact tracing is required.

Attendance by spectators will also be discouraged. 

“If people are not genuinely in the market for a new home, now is not the time to be having a look through their neighbour’s house,” Mr Perrottet said.

If you’ve got your eye on the property market and are hoping to make a move, browse the home loan rates currently available over at our home loan comparison page.

Home loan comparisons on Mozo - last updated 13 August 2022

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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