At the time of posting, Queensland is in its 5th day of the latest lockdown, due to end on Sunday the 8th of August. During this time, all onsite auctions that were due have either been postponed or conducted exclusively online. Home inspections were limited to one person at a time (plus the agent). Despite this, Queensland’s high clearance rates remained unchanged, meaning that those homes were sold.
With lockdown soon to be lifted, and with new cases emerging in Queensland just today, there is no guarantee that there will not be further lockdowns and distortions in the near future to contend with too. Real Estate Institute of Queensland CEO, Antonia Mercorella explains “The point of this lockdown is to try to get on top of this so we don’t end up with a situation like what we’ve seen rolling out in New South Wales.”
So if you are looking to buy or sell your home, what can and cant you do? How best can you navigate the restrictions?
Pest Build Legals:
Arranging your Pre-Purchase pest and building inspections is a non-negotiable essential step in the purchase of your new home. However, the contract of sale normally allows ample time to have these arranged, so you may not need to have them completed during the lockdown. However, if you are under time pressure or legal obligation, for example, the auction date is going ahead within lockdown then you will need to arrange your “Pest Build and Legals”, straight away.
Renovations and/or Essential Repairs:
If you are selling your home, or have recently moved in, then you may have had plans to renovate the property. During lockdowns, renovations are considered non-essential and so should be avoided. However, essential repairs are allowed as there are, well essential. This includes electrical repairs, hot water and plumbing systems and anything vital to the proper functioning of the property. So for the time being, replacing the tiles will have to wait.
At the moment, all onsite auctions are being placed on hold or are taking place online.
Moving in or out:
If you are coming to the end of a tenancy or have some legal obligation obligating you to move in or out of a property and d this falls within the lockdown, then this could be considered a necessary and essential move. The same would apply if you have sold a home and the owners need to take possession.
What impacts, if any, will be seen by the Qld Property Market?
If recent experience and current sentiment are anything to go by, then the property market is likely to continue going from strength to strength. Any lockdown or border restrictions will almost certainly be followed with increased demands across all sectors of the market i.e rentals and sales. Even with auctions going online, clearance rates have hardly been affected.
We’ve been quite fortunate in Queensland, we’ve had short lockdowns,” Ms Mercorella said. “This is obviously one of the longer ones. We hope it will end on Sunday, but based on what we’ve seen, we press pause on things, then we come back with a vengeance. And certainly, the property market has been performing in a way that none of us expected. The demand for rental housing, the demand for properties that are for sale, it’s the strongest we’ve seen in a very long time.”
So from the sounds of things, it's almost 'business as usual' just in the most unusual of times!
Get the latest advice
Government advice, restrictions and notifications are changing on a daily basis. The best place to find the most up to date and reliable information is to go to the Queensland Health Website or The Australian Government Website
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