Some interesting comments from real estate agents etc here:
Most vendors and buyers are taking a wait and see attitude though purely electronic sales continue to be made. Buyers are anticipating lower prices, but many have left the market amidst loss of KiwiSaver funds, jobs, and incomes. The biggest group to pull back is first home buyers. Vendors, unless potentially stressed, are also leaving the market. Small investors are deeply worried about rental income losses, larger ones less so. Well capitalised investors, some inactive for some time, are contacting agents anticipating bargain purchases in coming months. Some, not all, banks have pulled back on accepting new loan applications but it is not clear if this is due to lack of willingness to lend, or just a temporary staff capacity issue. Spec builders are very worried.