Market Focus Switches From Auctions

The focus of property markets across Australia will be firmly on private treaty sales, after the Prime Minister announced this week a ban on auctions.

Open house inspections also ceased from midnight Wednesday under a tough new crackdown from the national cabinet to combat the spread of coronavirus.

PM Scott Morrison says gathering together in auction rooms can no longer continue, as he unveiled a list of large social gatherings that will be prohibited in a bid to slow transmission of the virus.

While this will be inconvenient for some vendors and selling agents, the vast majority of sales in the housing market do not occur through auctions, but through private treaty negotiations.

Private property inspections can still be carried out, but open house inspections can no longer occur.

The changes are forcing vendors and their agents to innovate – and some have already moved to virtual tours of sale properties and to online auctions.