'No sign' of depressed Real Estate Market in Griffith
After hibernating for a few weeks Griffith's property market is returning strongly as lockdown is lifted.
Griffith Real Estate held their first Auction last weekend and attracted five registered bidders.
The four bedroom property in South Griffith went under the hammer for $210,000.
"It was one of the original houses in south Griffith, just behind the high school," Griffith Real Estate director Tony Santolin said.
"There was plenty of interest before the Auction and a lot of inspections, there's no sign of a depressed market," he said.
Mr Santolin said the city's Real Estate Market had always been resilient and while there had a been a few times it had "gone sideways", for the moment there was a shortage of properties for buyers.
He said another Auction was being prepared for a property in Robertson Street.
Mr Santolin said the pandemic threat had kept many renters staying put for a few weeks and it was only as restrictions were lifted that people started moving around again.
While many residential tenants waited and watched what was happening with the pandemic, fellow director Brian Bertolin said many commercial tenants were in regular contact.
"A lot of tenants felt the impact, we had to follow government guidelines for rent relief," he said.
For some businesses that meant deferral and others had a partial reduction because trade had reduced.
"The big thing when we come out the other side is how we work out what was deferred or reduced," he said.
"Now that lockdown has lifted a bit Griffith people are starting to get moving again."
Mr Santolin said the agency took advantage of COVID-19 to invest in staff development. He said that meant taking the chance to explore how technology allowed video conferencing and working remotely.
As well as spending some time keeping the business's systems and processes up to date.
"We caught up on a lot of projects, updated some of our efficiencies in our administration to make things easier and quicker," he said.
Mr Santolin said staff also joined webinars with other real estate agents around the nation to help sharpen their skills.
"We spent more time getting to know each other rather than just being busy people all the time."
Source: https://www.areanews.com.au/story/6765314/no-sign-of-depressed-real-estate-market/
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