A Word from Bronwen Lipscombe
Open Homes are back - so will the market return to normal?
After six long weeks, agents are breathing a sigh of relief as open homes and on-site auctions are
once again permitted. This is an important step in enabling people to inspect, choose and transact
property.
That said, I view the drive towards private appointments as being a positive change for buyers and
agents alike. We have gone back to the good old fashioned way of selling property - escorting a
buyer through and pointing out key features, helping them imagine themselves living there or in the
case of an investor, discussing the potential rental yield and capital growth. And it has enabled us
to get to know our buyers in a more meaningful way, so that if one property doesn't suit we can
deploy our understanding of their needs to suggest other properties within our portfolio, and those
of our colleagues as well. I personally have found this approach very rewarding - not just financially,
but also a more enjoyable way of selling real estate. For me it's something I will definitely continue
doing alongside advertised open homes.
So does this mean the fog of COVID019 is lifting and the market will return? Unfortunately the
Sydney property market is unlikely to bounce back but anytime soon. Prior to the pandemic, the
market was behaving in a way that was contrary to the reality of a slowing economy, having
emerged from the downturn back in September and surging forward with auction clearance rates
up to 85%, and recovering almost all of the 15% fall from the downturn. Then COVID-19 hit and
growth ground to a halt, not just because of restrictions on open homes but more significantly, a
sense of uncertainty and dented consumer confidence.