Market slowdown

Real estate agents in the Baw Baw shire area are expecting a major slowdown in the housing market.

The principals of three agencies spoken to by The Gazette last week were unsure how much, how long and how widespread the impacts would be after the Prime Minister Scott Morrison’s announcement last week halting public auctions and open home inspections.

Brian Soutar of Harcourts Drouin and Bunyip, that had 23 “open for inspections” listed in last week’s Gazette said all were cancelled.

Geoff Quirk from Quirk Real Estate in Warragul said the seven inspections it had advertised were also off.

Mr Quirk said the government’s decision was “very city oriented” where large numbers of people turned out for inspections and auctions, different from the norm in the country where attendances were considerably smaller.

But “it is what it is,” he said, offering the opinion that he believed “the handbrake (on the housing market) is definitely well and truly on”.

He was relieved the agency did not have an upcoming auction planned but, for Mr Soutar, one scheduled for next Saturday is now off.

However, he said it was still planned to proceed to try to sell the property with prospective buyers that had shown interest being offered the opportunity to submit written bids in sealed envelopes that will be opened at a specified time on a nominated date.

It will be up to the vendor to decide if any of the offers met their hoped for price, Mr Soutar added.

He said a prospective buyer of another property had withdrawn an offer after the restrictions to contain the coronavirus led to her losing her job last week.

Terry Williamson of Williamsons Real Estate at Drouin said things “would definitely slow down”.

He said vendors were already taking properties off the market because of the uncertainty and were waiting “until it’s all over” to reconsider their options.