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92.9fm Regional News

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Tamworth property market remains stable despite Covid-19 pandemic

The Tamworth property has remained stable, even witnessing a "mini rush" despite the coronavirus pandemic according to one real estate agent.

PRD Tamworth director Mark Sleiman said being an online-based marketing agency means the only real change due to new rules has been the logistics of our customer interaction.

"The number one thing that has changed for us is the general practice at open homes, inspections and things like that," he said.

While the impacts of Covid-19 have seen businesses forced to close as residents practice social distancing temporarily, Mr Sleiman said the local real estate market has not suffered.

"If we're basing it in the short term we've had a mini rush so, it's done the opposite of what people have expected," he said.

"I think in the long term, so three to six months, what will tend to happen is I think that people that are circumstantial buyers won't buy - they are the ones who are waiting until a good buy comes along.

"However, your necessity buyers, so the people that are upsizing and downsizing, people that are moving for work here all going to need to sell still and they are all going to need to buy still, I think that component of the business will still stay the same."

Mr Sleiman said at the end of the day it is a guessing game as the circumstances change daily.

He added they have prepared for all scenarios.

Mr Sleiman said the "mini rush" would most likely have been due to people fast-tracking a sale.

"People might say 'I want to progress this purchase as quickly as possible because I don't want my transaction in limbo'," he said.

"I don't think it was a mini rush to grab some bargains; it was a mini rush to make sure those occurred properly before any lockdown."

Mr Sleiman said that another aspect "floating in the background" that has not been discussed is that the stock market has crashed.

"At the moment we're not sure if that's going to continue to drop or stabilise, but let's just remove Covid-19 at the moment and just talk when traditionally the stock market goes down guess what goes up," he said.

"The real estate market.

"We can't sure, but I am comfortable in my opinion that real estate - having a roof over your head - is necessary it's a necessity. I don't think they will be shutting us down anytime soon."



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