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.