COVID-19 UPDATE - APRIL 2020

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All our lives have gone through a dramatic change with the COVID-19 epidemic.  While there is reason for concern, and plenty who will panic, this will pass, just like SARS and other viruses have done before. It’s scarier this time due to the scale and comparatively rapid spread but there will be an end point.

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We encourage everyone to remain calm but cautious at this challenging time and not to make any rash decisions. Always keep in mind property should be a long term proposition.

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The most important thing to know is that we are still open for business and we are here to help. Our strategy may change but we’re committed to minimising disruption to our clients.

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OUR STRATEGY TO DEAL WITH COVID-19

• We will constantly review how we operate to ensure we meet or exceed changing government and community standards; 

• From February 2020 onwards, we postponed all non-essential overseas travel to meet with clients – in advance of government travel warnings and restrictions;

• Reducing the amount of face-to-face meetings & appointments, eliminating personal contact - we encourage all clients and stakeholders to contact us via phone, email, messaging services or video conferencing;

• We will continue to organise and attend private property viewings (as opposed to open inspections) with vendors and their agents on behalf of our clients;

• For any private viewings, we will be observing social distancing guidelines and minimising touching anything in the property, including door handles, appliances etc.;

• We will extend to our locally based clients – and continue to provide to our interstate and international clients video walk-throughs and 360° photography;

 

CONSIDERATIONS FOR OUR CLIENTS

POTENTIAL CLIENTS AND THOSE ACTIVELY SEEKING TO BUY

For our clients based overseas looking to return to Sydney at a future date, the current conditions combined with favourable exchange rates and low interest rates may provide an opportunity to bring forward your purchase – with us acting as your independent negotiators and eyes and ears on the ground, you can confidently proceed with your purchase.

• There isn’t going to be any great change to the way agents do business due to the ban on open inspections and on-site or in-rooms auctions. There will be a shift from open homes to private appointments and on-site auctions will become online auctions. Private negotiations prior to auction will continue as normal;

• The underlying reasons behind the purchase of residential property remains mostly unchanged – we service a significant number of residential clients based overseas or interstate looking to relocate back to Sydney. The current situation provides a unique opportunity to negotiate with vendors in a less-crowded market where vendors may be more inclined to accept offers prior to auction;

• For our clients focused predominately on investment there are a number of factors to consider in the changing landscape – reach out to us today to discuss your individual situation and we can provide some market analysis to help you form your position and decide whether to proceed or time an upcoming purchase.

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PAST AND EXISTING CLIENTS

Contact us today to discuss your existing portfolio and gain some insight on the current market conditions. We talk with numerous clients from all walks of life and can give you some perspective to help you form your opinion on how to proceed in the current situation.

 

INVESTORS

• Proactively discuss with your property manager the implications of the current government moratorium on evictions;

• Open up lines of communication with your tenants – both residential and commercial – to determine impact of the current environment and the best way forward over the coming months;

• For clients with existing properties that are between tenants, how we can minimise any financial loss – reviewing market rents, how to choose tenants, how and what to discuss with your property manager;

• For overseas clients such as expats, consider the impact of the current foreign exchange rates and the net effect of this on your investment.

 

OWNER OCCUPIERS

• For overseas clients such as expats considering selling their property due to upcoming changes in CGT rules – consider whether any potential tax benefit is offset against selling in the current market;

• Discuss your mortgage repayments with your bank/financial institution – a number of institutions are offering assistance to those affected by the current economic climate;

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