Real Estate Boss Says Level 3 Clarification A Big Help

“We’re anticipating plenty of activity in the coming weeks, with Kiwis keen to make decisions. Regardless of Covid-19, many families still want a bigger home, empty nesters still want to downsize, and first-home buyers still want to make the most of record-low interest rates,” says Derryn Mayne, Owner of Century 21 New Zealand.

Her comments follow the Real Estate Institute (REINZ) welcoming confirmation from the Government that private viewings, by appointment, of homes for sale and rental properties can take place under Alert Level 3, with details and limits to be worked through.

Up until now, the official advice for Level 3 has been: ‘A real estate agent can open, but people should work from home if they can. The agent can enter peoples’ homes, but not have customers in the office. You cannot run an open home… Similarly, workers going into peoples' homes, such as furniture removers, electricians and plumbers could also return, on the basis that distancing is maintained’.

After working with the Government, REINZ has now clarified one key sticking point - that private viewings of homes and rental properties can take place from Tuesday next week.

Ms Mayne says Century 21 salespeople have been doing the likes of virtual appraisals during the Level 4 lockdown. They will be ready to push play on listings, bring in the photographers, and organise private viewings after the long weekend.

She says despite real estate transactions largely in hibernation over the past month, her company has seen plenty of activity including two new Century 21 franchises opening in Papatoetoe and Queenstown. What’s more, Century 21 has used the time to lift its brand exposure through digital marketing.

She says while some property commentators’ crystal ball gaze, it’s important to remember that New Zealand went into lockdown with all the real estate fundamentals looking up and housing stock in clear demand.

What’s more, news that the Reserve Bank is set to temporarily scrap its mortgage loan-to-value ratio (LVR) restrictions will mean young Kiwis can buy their first homes sooner thanks to lower deposit requirements. It will also bring more property investors into the market.

“We don’t know when, but without doubt real estate will rise again. It always does. What’s more, our franchises are well placed to weather the inevitable headwinds, helped by many Century 21 offices having very strong property management portfolios.”

The real estate boss says serious buyers haven’t disappeared. They’ve just been getting onto their computers rather than into their cars. In fact, Kiwis have been looking at property online in droves, with popular real estate websites reporting more traffic and longer average user times over the past month.

“We are chomping at the bit, but we’re also very conscious it’s still not business as usual. With some clear and practical guidelines in place for real estate to operate under Level 3, we’re keen to make it work for buyers and sellers alike,” says Derryn Mayne.

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