Strong Performance in March

Despite COVID-19 lockdowns, social distancing, people told to stay at home and overall change in our freedom and lifestyle, Real Estate is still considered an essential service. At NGFarah, even though the landscape is difficult, it is business as usual. In March the company sold $40M worth of property, which included a development site in botany for $8.75M by one of our agents - David lee.

Naturally, the enquiry rate has condensed down by 70% on some properties but for quality properties, people are still wanting to purchase and that is clearly demonstrated throughout our March performance.

NGFarah agents are adhering to the strict new work restrictions:  On Saturday 4th April, 2020 we conducted an online auction and the property in Coogee sold for $885,00 by Cameron Airlie.  Even through April is generally a slower month for Real Estate, we have some quality properties listed for sale and are confident of maintaining a steady flow of sales for this month as well.

Our Property Management team leased 68 properties in March.  Many of the properties were new managements and even though the rental market has probably surfaced a little more, our team of Property Managers and Leasing Consultants are working harder, then they have ever worked, in a disruptive environment.

We are negotiating rent reductions for some clients; some commercial clients are getting discounts on their rents and overall, it’s a tenants’ market - if you are looking to lease your property with a wide range of properties available.

At this stage our main priority is to ensure that everyone maintains their social distancing and adheres to the government about staying home.