If you’re looking for some professional commentary in the real estate market refer to the latest monthly report from Vanessa Taylor from "www.realestate.co.nz" (HERE), and also read anything Tony Alexander puts out (HERE). I follow him on LinkedIn but there are other sites with his always sage advice.
As to the local situation ….Here goes ….
How am I finding this lockdown in Real Estate mode? Frankly It’s a bit of a breather and an opportunity to upskill. I’ve given my team the weekends off but during the week we are continuing to work, although I have let them sleep in!! The company is still operating, but working from home. Listings are being processed (by email), AML can still be completed, the LIM and Property File departments at Council are still processing these (within a very short time frame), the banks and our mortgage brokers are working, valuers are still working as much as they can.
Titles are coming through for us to check as well, thankfully our legal peers are working to process anything we need from them. Properties that were in the pipeline are going unconditional. Our main hold up is building inspections so any contracts written up. Yes some moving dates have had to be pushed out but in the main the solicitors are dealing with those issues.
So, the phone is pretty quiet BUT the internet is going ballistic!!! Viewing numbers have increased 5 fold and the “watchers" are through the roof. So I expect there will be pent up activity immediately post the Lockdown. In this area of the Eastern Beaches suburbs we still are suffering from a shortage of good property to sell and a large pool of buyers in every price bracket and schooling zones (which is one of the main drivers of buyer movement in this area). I liken the situation a little to the Christmas close down. Of course people are still making real estate decisions i.e. “house is too big ..house is too small ..I’m sick of this do up lets move or renovate ..let’s buy a do up we’ve finished this one ". Also those with shares may think next I’ll invest in bricks and mortar, others will sell investment properties to cash up and sadly some relationships won’t last past the lockup time!
After leaving Level 4 we will probably be running almost from the outset, might take a week or two to readjust to our daily routine. Yes strong demand plus low interest rates will ensure it’ll be business as usual pretty soon. Noticeable changes already include first home buyers being impacted as their Kiwi Saver values drop, this may mean those buyers will need to hunker down, waiting until markets improves. However others may take a punt and buy whilst the market is in a state of uncertainty. I wonder how long that will take?? It was only 6 months during the GFC.
Marie