Usually, this time of year is busy for the real estate industry in Australia, but with strict quarantine laws as the world battles with this global pandemic, home sales numbers are fizzling out.
The government has put a ban on public auctions as part of the requests coming out alongside social-distancing and self-quarantining.
Before, 3,203 properties were scheduled for auction across the state and territory capital cities. About 40% of those properties were pulled from the market after the ban was announced, according to CoreLogic.
The Australian government has recently put a ban on open houses, as well.
CoreLogic explained that while some of those properties will switch to private sales, others will likely pull the properties off the market entirely until the market mends itself and confidence in selling improves.
Currently, there have been 4,707 confirmed cases of COVID-19 in Australia, with 20 of those cases ending fatally. The Australian government is taking measures to combat the virus and keep the number of deaths to a minimum. Open houses and auctions are less popular the country compared to others, and a ban on these is just the beginning.