Australian Real Estate: We have gone online!

Australian Real Estate: We have gone online!

With being socially distant, we have all come together in the social media platforms as one. With technology invented for the ease of life, it has never proved more right than during the coronavirus.

Every business and industry has gone digital, and real estate property was not far behind.

Australia's Real Estate Property Agents are tuning towards live-streamed auctions, and telephone bids to secure results for their sellers with the slowly falling buyer inquiries.

Following the government's public auction ban on March 26th during the pandemic, thousands of public auctions have been canceled.

The real estate agent took an extra step and have had successful auctions online.

With the use of Zoom Conference communication, Google Hangouts, GAVEL, and Facebook Live, the auctioneers have come together with the bidders to conduct live online auctions.

"We believe there's still a section of buyers in the marketplace that are willing to negotiate and move into a property and there's still a group of owners regardless of the current situation who still need to get a result. I think there will still be transactions. We've already seen this in Melbourne and Sydney, particularly for properties that are rare properties that don't often present themselves to the market." said the agency's chief auctioneer and national head of sales Thomas McGlynn.

On the contrary, Australian auctions aren't as common as one would think. REA chief economist Nerida Conisbee said the reality is only a few homes sell by auction.

"The number of properties going to auction [March 28] was less than half of what was scheduled earlier in the week, with most moving to other forms of sales methods," she says.

Whether it may not do much to help Australia's Real Estate market or not, we are sure technology has stopped the industry from going into a complete state of hiatus.

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