WA lifts open home restrictions, what does this mean for the property market?

 WA lifts open home restrictions, what does this mean for the property market?

With governments starting to lift some of the COVID-19 restrictions, Western Australia seems to be the most lenient state thus far. Open homes are now back in action in WA, but many of the restrictions still apply. Only 10 people can be in the property at any given time and if the agents are caught with more than 10 people viewing the property, fines will apply.

Lifting of restrictions is raising many burning questions.

Will other states follow and when? Will people be willing to take the risk of attending open homes? Or are we perhaps taking a permanent step towards a more progressive and technology-friendly society? What does this mean for the property market and is this going to help WA agents to close more deals?

With so many questions up in the air, we spoke to the number one rated agent in WA, Shane Beaumont, who has sold almost 200 properties in the last two years.

“Most open homes are generally organised and booked in advance, the buyer or renter themselves making the open home a private viewing,” he says. “I don’t believe that lifting the number of people who can attend an open home will increase agent sales, and it certainly is not the silver bullet, although we are moving in the right direction.”

Mr Beaumont says the amount of properties on the market is decreasing but he is still optimistic about its effect on the real estate market. “We have seen the lowest amount of stock since 2014, however, this is a good thing for the property market as it increases the demand for and supports property values.”

Job security and the unknown of what prices will be like in 3-4 months from now have made many buyers decide to wait to see what happens but given we are at the bottom we feel of the property cycle anyone buying now I feel should do well when looking back in a few years time. 

In more than 37% of suburbs, it is cheaper to buy than rent so this should also continue to push buyers into the market and increase demand hopefully.

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