The impact of the COVID-19 pandemic has been felt worldwide. Countries across the globe shuttered economic activity while residents sheltered in place. The real estate industry was hit particularly hard with transactions slowing to a stop in some American cities.
But many countries with more stringent restrictions flattened their respective new case curves ahead of the United States, with outbreaks that were smaller in size. As those countries start to open up, international real estate agents are returning to work and shared advice for U.S. agents on what to expect.
In Australia, some agents are starting to leave the industry
Like the United States, Australia had a hot market interrupted by COVID-19, especially in the major markets of Sydney and Melbourne, which had been seeing around 10 percent price growth in the past six months, according to Craig Hill, an eXp Realty agent in Australia.
“The market remained strong in January and February and even through early March. However, as Australia moved quickly to lock down conditions, the entire economy along with real estate sector ground to an almost complete halt,” Hill said. “Realtors were unable to show buyers homes in person or conduct live auctions which is a strong sales method we use here.”
Australia had also just come out of a market downturn in 2018