REIQ seeks "clarity" from Federal Government on holding banned outdoor residential auctions

REIQ seeks "clarity" from Federal Government on holding banned outdoor residential auctions
REIQ seeks "clarity" from Federal Government on holding banned outdoor residential auctions

The REIQ has sought "clarity" from the Federal Government regarding holding outdoor residential auctions that adhere to coronavirus outdoor restrictions already in place.

The Real Estate Institute of Queensland (REIQ) is the state’s peak professional association for real estate practitioners.

It advised maintaining stability in Australia’s property market played an integral part of Australia’s economic infrastructure.

“Every Australian needs a home," said Antonia Mercorella, CEO of The REIQ.

“It’s vital real estate professionals are allowed continuity of operation throughout the current crisis, to ensure the market is a solid foundation for the economy not only now as we move through the pandemic, but also when the recovery process begins.”

Her comments came after the Prime Minister unveiled new restrictions from the national cabinet meeting to combat the spread of coronavirus (COVID-19).

From midnight, Wednesday 25 March, public auctions of real estate auctions and open house inspections will cease until further notice.

The REIQ, together with other State peak bodies, have already been working collectively with real estate professionals across Australia. 

“The Prime Minister’s announcement is not a total ban on real estate transactions from taking place as that would have a devastating impact on the Australian economy,” says Ms. Mercorella.

“While in-room auctions cannot be conducted for the foreseeable future, online and telephone auctions will inevitably become the new normal.

"The REIQ will seek further clarity from the Federal Government regarding outdoor residential auctions that adhere to outdoor restrictions already in place."

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