Viw Magazine

Property

The importance of real estate’s economic role will only be amplified

  • Written by Tim McKibbin, CEO, Real Estate Institute of NSW

Virtual tours are working and in instances where one-on-one COVID-safe inspections  are taking place by private appointment, the conversion of these inspections to  transactions is high. 

Qualified buyers remain motivated to act and empowered vendors are in some cases  bringing their plans forward to tap into the prevailing demand.

The vast majority of agents are doing an admirable job in tough circumstances. So  much so that real estate remains one of few industries performing with strength.

These challenging times elevate the importance for every industry, and every worker, to  play their role as well as they can.

The sense of community unease is understandable with no firm end date to lockdown in  sight, and the economy remains delicately poised. Unemployment recently dipped below  5% but it’s hard to imagine it won’t creep back over this mark soon.

The real estate industry will continue to serve the community’s housing needs in  accordance with the current requirements, as determined by the Government based on  the latest health advice.

The importance of a healthy property market was recently reinforced in the industry’s contribution to the NSW Budget, and the importance of real estate’s economic role will only be amplified as the lockdown proceeds.

Regardless of what’s to come, our advice to agents remains consistent: everyone in the  industry should not only comply with current health orders, but should also embrace the  spirit of them.

This extends to supporting landlords and tenants where possible to come to mutually  agreeable resolutions which are mindful of the challenges we’re all facing at the  moment.

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