Covid-19 lockdown does not hamper real estate sales
Covid-19 lockdown restrictions have not closed the door on real estate transactions as real estate agents rely on virtual auctions to keep the Christchurch market going.
Bayleys transferred the seven lots they put under the hammer today, as $ 5.38 million worth of goods from Sumner to Mairehau to Hawarden to Lincoln changed hands from auctioneer Ben Deans’ salon.
The company has 14 other properties at Thursday’s auction as interest remains high.
In each case, the vast majority of bidders had pre-inspected the properties, although some potential owners expressed interest after carefully reviewing the material provided.
“Most of them have been consulted, people want to do their own due diligence, but we are in the modern world, there is a lot of detailed information available in real estate files,” said Rachel Dovey, Managing Director of Bayleys Canterbury sales.
If Alert Level 4 restrictions continue, Dovey expects more bidders to join the clamor for the properties without conducting a personal inspection.
“We’re going to get there, we’re seeing a lot of activity and the supply is moderate. We see movements from outside the region, people from Auckland and returnees still watching Canterbury, ”she said.
Dovey said the restrictions impacted new registrations because it was “difficult to show up in front of people to do the paperwork.”
She was impatiently awaiting a downgrade of the alert level so that viewing – in a regulated manner – would be possible.
“We can operate at level 3 in a very thoughtful way. It’s restrictive but it’s manageable, ”she said.
“There was good activity in the last lost lockdown when we can get a certain level of freedom. “
The district of Selwyn continues to be sought after, with Brendan Shefford and Mandie Ashwell teaming up to sell a five-bedroom property in West Melton for $ 1.225 million last Thursday.
“We created a hangout on Google and we had the auctioneer in his living room,” Shefford said.
One of the bidders had not seen the property with his own eyes, relying on floor plans and a video.
Min Sarginson Real Estate in Lyttelton is preparing to hold its first online auction on Saturday – a four-bedroom home in Diamond Harbor – via Zoom.
Tim Dunningham said the company also carried out remote assessments and investigations were still stable a week after the lockdown.
“There are new announcements bubbling up but we had to put them on hold because (at level 4) we can’t get the photographer out into the houses.”
Simon Standeven of Ray White Ferrymead added that they had dealt with many requests from people in their “bubble”.
“We’ve had a lot of engagements with people back home with a lot of time (on their hands),” he said.
If the lockdown continued, Standeven was confident the sales process would continue.
“Our buyers are now generally quite comfortable with contactless transactions,” he said.
The Real Estate Institute of New Zealand said the real estate market remains bullish despite the foreclosure.
“We see that a sense of confidence persists in the market, with many people optimistic and keen to maintain a sense of normalcy,” said REINZ CEO Jen Baird.
“During the 2020 lockdown, real estate professionals implemented new working methods that allowed them to continue serving their clients as alert levels change. This has resulted in a rapid transition to well-tested working methods and, for the record, more activity compared to the Alert Level 4 blockages of 2020.
“The technology we have at our disposal makes it easier to buy a home from a distance, and that’s something we’re seeing this foreclosure happen,” Baird said.
“Agents now have the tools to help buyers buy with confidence, such as 3D virtual tours and stunning photographs to provide buyers with sufficient viewing capability of a property. “