Millions set to change hands despite QLD Covid-19 lockdown

A three-day snap Covid-19 lockdown will limit on site inspections and auctions, but even that isn’t expected to cool the jets of the sizzling Queensland market as millions in sales shift online.

Perfect escape... 53 Royal Albert Crescent, Sovereign Islands, is listed for auction at 11am Wednesday.

A three-day snap Covid-19 lockdown will limit on site inspections and auctions, but even that isn’t expected to cool the jets of the sizzling Queensland market as millions in sales shift online.

Ray White Queensland chief executive, Jason Andrew, expected the lockdown to only escalate pent up demand for property in South East Queensland.

“All this does is build up pent up demand. Counterintuitively it has people sitting at home, looking at places they’d prefer to be during a lockdown, so emerging out of this we’re going to be fine.”

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Ray White Queensland head Jason Andrew expects QLD to emerge stronger after lockdown. Picture: Mark Cranitch.

He said for the immediate lockdown period in SEQ Ray White had 40 auctions on the Gold Coast planned for Wednesday, the vast majority of which would be shifted online.

”There will be many people who believe it will be right to hold off and wait, but those who do proceed will set themselves out from the competition. Everything we’ve learnt from the last 18 months says to go when others aren’t”.

Mr Andrew said the experience of countries and states hit hard by Covid-19 lockdowns, such as Victoria and New Zealand, showed markets emerged stronger after lockdown.

Brisbane is expected to continue to see strong demand throughout lockdown and beyond. Picture: NCA NewsWire / John Gass

”Both those markets have emerged absolutely flying. Our New Zealand business had never done $1b in transactions prior to Covid-19 and now last month they did $2.3b worth of transactions in one month.”

“We’re the same in Queensland … We had never done in excess of $1b and we now have done five consecutive months of average $1.3b of transactions.”

Adcock Prestige head Jason Adcock expected all safety measures to be taken but said the real estate industry had already proven that it could handle changes such as lockdowns.

Jason Adcock says the industry has proven its ability to pivot during Covid-19.

Mr Adcock expected none of the heat in the current Brisbane market to be released, with activity to shift online among other measures.

“The real estate industry has shown it can quickly pivot and handle changes like this and I don’t think it will deter any of our buyers.”

“We have three big auctions coming up this weekend, so hopefully the lock down isn’t extended, but if it is we know how to pivot and will host our auctions online.”

The Queensland government announced the three-day lockdown would begin 6pm Tuesday – severely restricting in-person real estate activity – with the measure being confirmed just hours after strict new rules came into force 1am Tuesday for buying, selling and renting homes. Post lockdown, from July 9, real estate activity will also be conducted with the use of Check In QLD QR codes at all open homes, auctions and rental inspections.

Ray White had 40 auctions scheduled for Wednesday, most of which are set to go ahead online. Picture: Jerad Williams

Lockdown impacted parts of the state include 11 local government areas in South East Queensland – Brisbane, Ipswich, Logan City, Moreton Bay, Redlands, Sunshine Coast, Noosa, Somerset, Lockyer Valley, Scenic Rim and Gold Coast – Townsville City (including Magnetic Island) and Palm Island Aboriginal Shire – effective 6pm AEST Tuesday (June 29).

The Real Estate Institute of Queensland has been constantly briefing its members since the measures were first floated on Monday, and Tuesday afternoon called for all normal real estate activity to come to a stop because the sector was not considered an essential service.

22 Wollundry Place, Mermaid Waters, was scheduled to go under the hammer at 11am Wednesday.

REIQ head Antonia Mercorella said all activity that could be conducted online was fine during lockdown including virtual auctions and online inspections.

“What it means is we will need to revert to those online tools we used during those early days of Covid-19 previously. Everything done in an online environment is perfectly acceptable.”

Some real estate activities could go ahead including property settlements and things like building and pest inspections to satisfy legal obligations pre-settlement.

138 Laguna Avenue, Palm Beach, was set to go to auction at 11am Wednesday.

In those cases she said those professionals, the agents and the buyers needed to wear masks, ensure physical distancing and practise handwashing and good hygiene.

Emergency repairs to property could also be considered essential, she said, but routine rental property inspections should be delayed as should any photography and videography of properties.

The measures will be reviewed on Friday with the industry holding its breath given Saturdays are the biggest day of the week for agents.

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Originally published as Millions set to change hands despite QLD Covid-19 lockdown