Level 4 Lockdowns have essentially limited real estate activities to the remote transaction stage for existing interest in properties that has carried forwards from prior to the lockdown. In other words, only buyers who saw properties prior to the lockdown have been making offers, via scanning and email, to then be transferred to vendors electronically.
All photos, buyer inspections, building inspections, face to face meetings and real estate offices with open hours have been shut down. All real estate professionals have been in isolation in their respective home bubbles. And all existing vendors have essentially had the stall affect their days on market but all is not lost.
A large amount of browsing by buyers should see a flush of new interest emerge at properties which have essentially felt stuck, once lockdown finishes. Competition at these properties should be hot, as vendors are also realistic, and those buyers who are organised may just get a great deal. However, we don’t know what sort of long-term effects other level 2 policy and the fallout from level 4 will have on the economics and markets, so the banks will be wary to lend at such high amounts as were transacting prior to lockdown, so every vendor should seriously consider what’s in front of them.