ADAPTATION THE KEY

The novel coronavirus is turning the world as we know it upside down, but for those in real estate, it’s just another setback the sector needs to ride out

REAL estate principals Paul Stirling and Ross Moller have weathered many storms in the property game.

From pilot strikes to the GFC and now to the devastation of COVID-19, a similar thread runs through both of their approaches – to act as an essential support service for people in fear of losing their homes to knowing that business will get back on its feet.

Ray White Cairns Beaches principal Paul Stirling said COVID-19 was the “biggest thing to affect our market” and said the way forward was with “frankness and direction”.

“I spoke with my rental division about how people will be losing their jobs and not being able to pay rent,” he said. “I’ve been through every up and down. When I entered the market, it was going down at a rate of knots.

“You’ve got to keep your head up, keep a smile on your face, put your chin to the wind and push forward and don’t forget the fundamentals that in our industry, everyone has to live somewhere.

“We are a vital cog and we have to provide a service.”

He said some buyers nervous about the growing storm had pulled out of contracts but otherwise interest continued for a city that presents a “very good place for investors” where “you can build more equity more quickly due to the level of return on investment”.

As part of government changes in response to COVID-19, open homes and auctions are cancelled but the industry is adapting.

LJ Hooker Cairns Edge Hill principal Ross Moller said auctions were now held via an online portal where bidders could register online and “see it all live”.

Inquiries are not as strong but properties continue to sell, according to Mr Moller, who predicted the Cairns market would “not change much”.

“There’s a lack of stock out there anyway. We have people who want to buy at Edge Hill but we’ve got nothing to sell there. There is still plenty of rental demand and we are still getting applications.”

He said they were taking every precaution for inspections, ensuring applicants had not travelled overseas recently and that sanitisers were on hand and distance measures respected.

As for rentals, Mr Moller said they were already fielding inquires from people who were unemployed.

“We’ve got to be compassionate and we will be,” he said. “We are an essential service. We want to help people. We are not here to kick people out of properties.”

Mr Moller said they were awaiting government guidelines on applying for rent assistance.