Virtual tours and online auctions are the new reality of the coronavirus-hit real estate markets.
Prime Minister Scott Morrison recently added auctions and open home inspections to the list of banned activities in a bid to stop the spread of coronavirus.
George Southwell, licensed real estate agent with Ray White in Yass, said they were now using online platforms more than ever to connect with buyers.
"It's good to see some innovation being forced on the industry at the moment, which is quite positive," Mr Southwell said.
"We are creating 360-degree walk-in videos of properties for buyers, which means people can take a virtual walk through the property. Based on that information, they can decide whether they want to come to the property for personal inspection.
"Ray White is using an online auction platform and the contracts are being exchanged via DocuSign, which is unique."
Mr Southwell said the market had taken a bit of a hit interest-wise, but not price-wise. "Transactions are still occurring and I feel it's due to people trying to get things in order before winter shutdown," he said.
"Due to coronavirus, the number of inspections has gone down. However, [the] fewer numbers represent serious buyers."
The buyers' demographics are those in the age group 25 to 40 years, and government employees. "The younger generation is buying properties at this time as they are trying to take advantage of the lower interest rates," Mr Southwell said.
"The other demographic working well at the moment is full-time government employees coming out of Canberra."
Real estate agency Yass Valley Property has also changed the way they have been operating in business.
"It's not business as usual, but we are still doing business," licensed real estate agent Andrew Curlewis said.
"We have changed the way we are conducting business and have started giving a virtual tour of the properties to those who are interested.
"Obviously, we are not conducting open homes, but are bringing interested buyers to the properties for inspections. We are asking people to maintain social distancing.
"We are still trading and interest is being expressed where we are listing and selling property, which is really interesting. Still, COVID-19 will have a big economic impact," he said.
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