Published on August 9th, 2020 📆 | 2432 Views ⚑0
Technology paving the way | The West Australian
When government restrictions came in earlier this year as a result of COVID-19, the real estate industry adapted quickly to the new measures with technology-led experiences.
For REA Group Chief Economist Nerida Conisbee, the use of technology was integral, particularly in the case of home inspections and auctions, which largely went online.
Since mid-March, when initial COVID-19 restrictions came into force, Ms Conisbee said realestate.com.au had experienced 13.8 million video views and 14 million 3D tour views.
“It does appear virtual property tours will be one change to the way people view property, even when there are very few COVID-19 restrictions,” she said.
“Online auctions have tapered off slightly since restrictions to live auctions reduced, however, many agents are now using them in conjunction with live auctions for people that are unable to attend in person.”
While listings on realestate.com.au have increased since last year, Ms Conisbee said they did dip early on in the pandemic, which was most likely caused by the uncertain times.
However, despite the doom and gloom predicted for the residential property market because of the pandemic, Ms Conisbee said Australia’s property market was looking surprisingly strong given we were in recession and seeing rising unemployment.
“Prices have not dropped as much as we would have expected in such conditions,” she said. “It is likely that stability in the banking system and record levels of government assistance have been a key factor in the stability of the property market.”
While restrictions have started to ease across most of the country, except in Melbourne, Ms Conisbee said she believed digital inspections were here to stay, with online auctions expected to feature alongside traditional in-person events.