The impacts of COVID-19 have been widespread across all industries, including real estate. Of course, some Australian states have been impacted more than others, and with Victoria taking a hit in lockdown, more people are looking to relocate to Queensland, especially from Melbourne and Sydney.
Statistics show that in the week ending 13 September 2020, there were 4,228 properties listed for sale in Brisbane, compared to just 1,458 in Melbourne. Buyer interest in Queensland has risen 18 per cent in the last six months and real estate agents in Queensland have reported an increase in enquiries – all coinciding with the beginning of the coronavirus pandemic.
Demand is growing and the appeal is clear: Queensland’s lifestyle and affordability has made the state a more attractive option for those looking to make long-term plans for their futures. Many, especially those looking to upsize, are ready to buy, with money in the bank to purchase their dream home now rather than waiting for the pandemic to ease. Recent weeks have seen buyers spend up to $8.5 million on mansions, paying in cash.
This increased demand in turn has made the service of a buyers agent more important than ever. Especially right now, when potential buyers in Sydney and Melbourne cannot fly up to view properties in person due to travel restrictions and are essentially buying unseen, a buyers agent is key. A buyers agent can offer expert insight into properties, and buyers are increasingly putting trust into buyers agents to view property on their behalf.
But it’s not just interstate buyers who reap the benefits of using buyers agents during this time. For a local buyer, using a buyers agent gives greater access to and understanding of the property market, as well as advice and guidance when it comes to negotiations, auctions and offers. These close relationships are key in the buyers agent business – a good buyers agent should act as the middle man, ensuring that you get the best deal possible for your investment.