After the implementation of enhanced public restrictions, the property industry is advised to go virtual in order to comply while maintaining as much normalcy as possible in business operations.
Prime Minister Scott Morrison announced stricter prohibitions in order to slow down the spread of the Covid-19 and save lives in the country. Included in the list are “real estate auctions and open house inspections” from March 25. Private appointments for inspection are still allowed given that everyone involved adheres to safety and health regulations.
“Real estate auctions and open house inspections – in particular, open house inspections – that cannot continue,” Morrison said. Even before the announcement of the stage-two restrictions, real estate agents were taking social-distancing precautions.
In a statement, Real Estate Institute of Australia’s President Adrian Kelly acknowledged the Prime Minister’s decisions. “We are aware and supportive of what the Government is doing to combat the coronavirus,” Kelly said.
Online house hunting and live-streamed auctions
In order to keep the property market afloat, agents and firms are resorting to technology. They will be in contact with potential buyers and investors via online messaging platforms or video communication applications.
“While it is not businesses as usual, there are opportunities for any real estate agent who looks for them, there are still ways of conducting inspections and to auction property,” Kelly explained. He assured the industry that REIA and other real estate institutes will provide “very strong leadership.”
Integration of Technology
There are dozens of downloadable applications that provides real estate and property management services. One in particular is the real estate online auction app Openn Negotation. The application recorded a significant increase in registrations of over 350 per cent according to chief executive Peter Gibbons. According to Gibbons, they are expecting further growth with these online registrations and transactions.
In the investment space, Gallery Group has its own Client Construction Portal available on their website. The platform allows clients to get real-time updates on the status of their residential home whenever and wherever they are in the world.
As of March 26, 2020, 04:09 GMT, Australia has a total of 2,728 positive coronavirus cases and 118 recovered patients. As of March 24, Australia has tested more than 160,000 people. The Australian Government with the help of state governments and other entities are going all out to position the country for an efficient recovery.
How does that relate to the building timeline?
The timelines associated with the construction of a Gallery Home leaves all future homes in a favourable situation. Smart investors know that property investment is a long term game and the market experts and commentators are suggesting that even if Australia moves to stage 3 lock downs, they will be for approximately 4 weeks which would see the virus bought under control and businesses starting to reopen in May.
A lot of market commentary suggests a very strong rebound (or bounce forward) from July 2020.
So how does this bounce forward look when you think about the timeline of a home with Gallery Homes?
For a new home from today – with all things considered at their expected speed we would assume to be pouring the slab. The true benefit of property is when the house is completed with tenants which would pinpoint us in November 2020. See the breakdown:
- Day 1 to Day 21 – SA to unconditional finance
- Day 22 to Day 42 – Land Settlement
- Day 42 to Day 80 – Building Permits
- Day 90 – Slab
- Day 180 – Practical completion