In a previous video, we’ve reported that not every slice of the property market will be affected by COVID-19 to the same extent.

One slice which is likely to escape the effects of the shutdown entirely is the luxury property market.

Agents who specialize in luxury property are reporting that owners are simply holding off on selling their properties until the situation passes. Distressed selling is not present. Whether that’s because government stimulus is working as intended, or because owners learnt their lesson during the GFC about overextending. Whatever it may be, luxury home owners simply aren’t feeling the need to sell right now.

Mr. Ken Jacobs, notable for selling Australia’s most expensive house during the 2018 downturn said, quote: “I’m just seeing an equal reduction in both sellers and buyers, so the only thing that points lower is the transaction numbers.”

Not that there hasn’t been opportunists trying to take advantage of an assumed downturn. Mr. Jacobs also stated having to disappoint some bargain-hunters in the luxury property space by informing them of the lack of distressed sales.

In effect, the luxury property market is going on hiatus, and will pick up right where it was once the dust has settled.