As the Coronavirus impact continues to spread across the entire globe causing a major health crisis and one of the largest economic contractions ever experienced—we have seen global financial markets swiftly repricing securities such as stocks and bonds. Real estate markets usually take a little longer to reflect what is happening economically for various reasons. In comparison to stocks and bonds, houses are generally more difficult and take longer to buy and sell, there is a greater variety in property types, styles, locations, (variables) and people usually value their home more than just investments.
The Australian government acted swiftly, implementing measures to protect jobs and incomes as the entire country entered some tough lock down measures to slow the spread of the virus and ultimately flatten the curve.
As the lock down rules ease across the country; many general lifestyle, activity and real estate restrictions have started to be lifted, with people embracing a new type of normality that includes social distancing and strict limitations of numbers of people at gatherings and places such as inside shops, work places, restaurants, etc.