It will be interesting to see if the current outbreak affects this positive momentum
- Written by Tim McKibbin, CEO, Real Estate Institute of NSW
June 28 2021 - A preliminary clearance rate of over 80 per cent in Sydney on the weekend, despite the COVID-19 outbreak, shows just how adept agents are at pivoting. In the weeks ahead, agents will continue to do all they can while observing the lockdown restrictions and putting the welfare of the community first.
While the operating environment for agents and consumers is temporarily interrupted, the fundamentals remain largely unchanged. Demand still outstrips supply and prices can be expected to remain strong, though the pace of growth has naturally eased.
Prior to the latest outbreak, there was evidence suggesting people were returning to Sydney to balance the regional exodus. Vacancy rates in the city have begun to tighten.
It will be interesting to see if the current outbreak affects this positive momentum.
Parliament was postponed in light of COVID last week so the Lower House reading of the Property Services Council Bill 2021 has been delayed.
The delay provides another opportunity for consumers and agents to write to their local members and urge them to support reform in the industry that the Budget proved to be the state’s most important.
Having contributed over $9 billion in revenue to be the biggest contributor to our state’s economic recovery, the continued strong performance of the real estate market is in our collective interest.
This depends on consumers having confidence to deal with properly-trained professionals in transactions that are inherently stressful, always complex and always involve large sums of money.
The need for an independent, industry-experienced regulator solely dedicated to creating the best possible environment for consumers and the industry is an essential platform for the long-term performance of the sector.
By the NSW Government’s own acknowledgement, a strong real estate market has never been more important. Our economic recovery depends on it.
