NO SALE: The Emerald property market has dropped dramatically since the coronavirus outbreak.
NO SALE: The Emerald property market has dropped dramatically since the coronavirus outbreak.

Home buyers taking higher risks through the coronavirus

PROPERTY sales and purchases have slowed down across the region since the outbreak of the coronavirus.

Real Estate Vision facilities manager Di Hancock-Mills said within two weeks people had pulled contracts and taken their properties off the market.

“I think Covid-19 has scared a lot of people in taking the step forward to buy a home,” she said.

“Within two weeks we had one contract where they pulled out after they had financial approval because they had lost their jobs, so their finance would have fallen over.

“The other one we had pulled out two hours before settlement for the same reason.

“It would have been putting them in a situation where they would be put in hardship.

“The sellers were disappointed but there’s nothing they could do.”

By the end of March, Ms Hancock-Mills said number of sellers had withdrawn from the market and the number of inquires had dramatically dropped.

“It’s like everyone has just suspended everything until this is all over,” she said.

Real Estate Vision has had to write clauses to protect the sellers and other clauses to protect the buyers due to the uncertainties from Covid-19.

“Its had a huge impact on how we sell properties,” Ms Hancock-Mills said.

Real estate agents have had to come up with different ways of doing things to keep their business moving forward.

Ms Hancock-Mills has been carrying out inspections via FaceTime, while Clinton Adams has created more video tours through the properties, which he said had improved traffic on online platforms.

“People are still looking, but offers are getting a little more daring because of the uncertainty,” Mr Adams said.

“They are putting in offers cheaper than they usually would.”

With low interest rates and prices dropping, Mr Adams said now was a great time to purchase a property.

“The housing in Emerald is reasonably attractive at the moment, it’s the best time to buy a house,” he said.

According to, more than 300 properties were for sale in Emerald with a number of three and four bedroom houses available for under $400,000.

Although Ms Hancock-Mills agreed it was more of a buyers’ market, she said most buyers had stopped making offers because of the uncertainty of what could happen.

“Most buyers have no guarantee of employment either. They don’t know what will happen to them,” she said. showed only 14 properties sold in Emerald in March compared to the 24 sold in February.

As the situation progresses, both real estate agents agreed it would be tough on both tenants and landlords, with both parties having to compromise.

Although times are uncertain for many, Ms Hancock-Mills said it was important to support each other and support local businesses.

“Whilst we are going through a really tough time, I believe Emerald will survive, we will survive it,” she said.