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Property market running hot despite extended lockdown

Article image for Property market running hot despite extended lockdown

Demand for property in Brisbane was still red-hot despite the extended lockdown, although some auctions were being postponed.

Greater Brisbane and the Moreton Bay areas will remain in lockdown until 6pm on Saturday night.

CEO of the REIQ, Antonia Mercorella, said they put the industry on notice in case the lockdown was extended.

“There’s no doubt that it is a very frustrating and difficult circumstance, as you mentioned Saturday is the big day in real estate,” she told Bill McDonald filling in on 4BC Drive.

“It’s not just about sales … it’s also about rental properties, we have an extraordinary demand at the moment for rental properties.

“It will put a strain on both buyers and prospective renters and of course sellers too and of course the real estate agent is in the middle trying to facilitate that.”

She said auctions could be conducted online and one-on-one inspections were permitted in the interim, but she had heard of some being postponed.

“If anything this pandemic has fuelled the demand for property both in terms of rentals and sales, there’s certainly no signs of things slowing down at this stage.”

Press PLAY below to her thoughts on the impact on real estate

Bill McDonald
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