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How are developers responding to COVID-19?

development
1 minute read

How are developers responding to COVID-19?

by Cameron Micallef April 30, 2020 1 minute read

The real estate industry has been turned on its head, with developers creating new ways of engaging with customers as well as maintaining social distances, a company has found.

 How are developers responding to COVID-19
April 30, 2020

OSK Property has launched a series of virtual tours of completed apartments in collaboration with CBRE and investor networks, as well as digitised the contracts process with e-contracts. 

It is also offering virtual appointments with agents and – for the tactile buyer out there – offering to ferry brochures, floor plans and materials boards directly to them and host private one-to-one appointments. 

OSK Property sales and marketing director Scott Jessop believes these offers will help aid the customer experience as well as help developers.

“At the end of the day, we are here to support our customers and what we are hearing is that people want more options when purchasing and enquiring about property – in the current environment and even before COVID-19,” he said. 

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“It is a simple fact that customers live their lives online more than ever and so, as a developer, we have sought to find ways to bring our apartments to them in new ways.” 

The new technology has helped Melbourne Square on its first round of settlements, with the company stating only a few apartments remain for sale.

Mr Jessop explained that the new technology helped, with over $6.5 million in sales despite the impacts of COVID-19 hitting our shores during the period. 

CBRE director Andrew Leoncelli explained that investors who take advantage now of Melbourne’s real estate market could come out ahead, due to its track record in economic downturns. 

“A mortgage has never been cheaper in Australia in living history and people with cash deposits are leveraging that and still purchasing property,” he said. 

“Foreign buyers stand to save up to 30 per cent compared to what they would have paid two years ago, given the fall in the Australian dollar. The Australian property market is still open for business.”

How are developers responding to COVID-19?
 How are developers responding to COVID-19
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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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