Some sellers withdrew their properties from the market.
Even though real estate agents endeavour to keep the market moving, the weeks prior to the national lockdown saw clients cancelling viewings with agents and buyers putting their searches on hold, says Live Real Estate’s Jolene Alterskye.
“Should this situation continue for three to six months the impact will be devastating for sellers who will be unable to sell, and for thousands of property brokers,” says Alterskye.
The lockdown will obviously make it very difficult to conduct business, says Jawitz Properties’ Herschel Jawitz.
The volumes of sales will be significantly lower than during “normal” trading situations, and the balance between supply and demand may be affected negatively, says Claude McKirby, co-principal of Lew Geffen Sotheby’s International Realty in the southern suburbs.