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The Canberra Times
The Canberra Times
National
Brittney Levinson

Changes to real estate restrictions to ease stress for buyers and sellers

Changes to real estate restrictions will come into effect from Saturday.

A number of restrictions will ease for real estate businesses from today, alleviating pressure on the booming market.

One person is now permitted to conduct property inspections that are required by law for a sale to go ahead.

Also included in the changes, one person can enter a premises to film or photograph a property, as long as no one else is present.

House inspections are still not permitted and auctions will continue to be conducted online.

Belle Property Canberra principal Richard Davies said the changes will ease stress for buyers and sellers.

"We will start to see a flow of stock coming back onto the market, which is important for buyers that have sold and are very anxious to find new homes," he said.

"We certainly have a backlog of sellers that have been waiting on an announcement such as this as the catalyst to come to market."

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The changes are also welcome news for the commercial property sector, according to Nic Purdue, CBRE director of capital markets Canberra.

"The majority of buyers are located interstate or offshore and they have come to rely on property videos and virtual tours as a means to engage on sale campaigns," he said.

"With this easing, we can continue to market commercial assets and, despite the current lockdowns, Canberra can continue on its run as a preferred Australian investment destination."

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