A report the Globe and Mail in Canada. "Some properties are drawing multiple offers and selling at a premium to the asking price. Others are sitting longer or selling below asking – even in sought-after neighbourhoods such as High Park and Riverdale. Jeffrey Wagman of Forest Hill Real Estate Inc. says there’s no rhyme or reason to those varied outcomes. He is hearing from some potential buyers who say they intend to wait for a while. They figure some homeowners may end up in financial distress and under pressure to sell."

"Mr. Wagman is also advising less experienced agents to make sure that the sellers understand the asking price needs to be realistic and not inflated. 'There’s no game in overpricing a house – especially right now. The buyers are there and they know what the price should be.'"

"Mr. Wagman says he has seen the downside of overpricing many times: many of those homeowners end up selling for even less than the lower end of their range because buyers start to question whether there’s something wrong with the property as 'days on market' tick up. When sellers eventually cut the asking price, buyers want a discount from that reduced price. 'The damage was done already.'"

"Another outcome that National Bank of Canada, deputy chief economist Matthieu Arseneau is watching is the state of the tourism industry. Travellers may stay home for some time to come and that may leave a number of short-term rental properties vacant. The owners could decide to sell when rental revenue stops flowing, which would boost the inventory of properties on the market. If 25 per cent of short-term rental properties hit the market, listings in the Toronto market will swell by 34 per cent, he estimates."

The Daily Mail on the UK. "House prices have suffered their biggest monthly decline in 11 years as coronavirus lockdown measures wiped £4,000 off the value of the average property. But some homes fell by huge amounts yesterday, with a five-bedroom mansion in St John's Wood, London, down on Rightmove from £6.5million to £5.9million - a £600,000 drop. The pattern was reflected across the country as a six-bedroom house in Leicester fell from £1.75million to £1.25million - a £500,000 decrease."

"Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors, described the price drop as a 'car crash'. He said: 'The extent of the car crash that hit the property market in May is laid bare in Nationwide's report of the largest monthly fall in house prices for over 11 years. Uncertainty remains as to the direction of travel for values in some price ranges and locations until momentum begins to build again. The market feels a bit like returning after the Christmas/new year break, with buyers and sellers waiting to see who will blink first as prices establish their post-Covid level.'"

The Financial Express on India. "Your next penthouse or condo in a prime market like Mumbai or Gurgaon could cost much less, as the Covid-19 outbreak has dealt a harsh blow to the luxury housing segment, which has already been in the dumps with more than half of the units launched in the past three years remaining unsold. Knight Frank India chairman & MD Shishir Baijal said, 'India’s key markets will also be facing uncertainty, mostly due to a significant erosion of confidence amongst buyers across spectrum.'"

The South China Morning Post. "Hong Kong homes prices dipped in April, with analysts predicting the market to come under renewed pressure from Beijing's controversial plan to impose a security law tailor-made for the recession-hit city. Home prices are likely to retrace by 10 per cent this year, said Billy Mak, associate professor at the department of finance and decision sciences at Baptist University in Hong Kong."

"'After all, the economy is under pressure,' Mak said. If home prices are positively correlated to the economy, they are likely to slowly adjust downwards. The adjustment does not mean the market is falling off a cliff, he added. Mak also noted some Hongkongers seeking to emigrate tended to cash in and sell properties more cheaply as political tensions throttle the economy. If the number of such sellers increases, home prices are likely to suffer, he added."

The Australian Financial Review. "The number of homes on the market jumped by 11 per cent in Sydney and Melbourne in May, lifted by older listings as vendors struggled to find buyers that would meet price expectations, SQM Research said. In Sydney, properties that have been on the market for more than two months surged to 15,746, up by 41.4 per cent compared with a month ago."

"In Melbourne, older stock climbed by 34.4 per cent to 21,505, while Brisbane recorded a 15.2 per cent increase to 18,327. Nationally, listings over 60 days climbed by 12 per cent to 221,117 over the month. 'The big rise in listings for Sydney is a carry-over of stock that hasn't been selling since February effectively,' said SQM Research managing director Louis Christopher. 'It has been a particularly weak time for sellers who struggled to sell at their desired price.'"

"Worries about rising unemployment continued to weigh on buyers' sentiment, which would further weaken sales turnover, said Mr Christopher. 'I think buyers have a lot to deal with at the moment,' he said. 'The banks have increased lending criteria which make it harder to get a loan. Many buyers are worried about their jobs and whether or not they will hold [on to them] throughout the year.'"

From Domain News in Australia. "Sydneysider Ross Wheatley has always loved his holiday home on the Sunshine Coast for time off at the beach, and to earn income from short-term tourist rentals during the rest of the year. But now the closed border between NSW and Queensland has stymied any plans for trips north and his unit in Caloundra is lying empty, bereft of other holidaymakers, too."

"'I’m a self-funded retiree but we’re not getting any income from the property in this climate,' said Mr Wheatley, 64, a semi-retired institutional investor advisor who lives with his wife in Beecroft. 'The tourist market dried up completely since mid-March and all of our bookings were cancelled. It looks like we’ve lost everything until mid-September so it’s a bit of a stretch for us. There are literally hundreds of tourist accommodation units in Caloundra and they’re all sitting empty. They rely on visitors from NSW and Victoria coming up during the winter. I understand the health issues, but it’s very hard.'"

"'Those areas that are the hardest hit will be those that rely on tourism and hospitality, like south-east Queensland,' said Domain senior research analyst Dr Nicola Powell. 'We’re now seeing many properties changing from holiday lets to the long-term residential market, but some landlords who don’t have a cash flow are now considering selling.' As a result, the Gold Coast currently has 5.5 per cent of property listings classed as 'distressed' or urgent sales on Domain listings, the worst-hit region in Australia."

"There could be a lot more on the market, with discounts, in October, believes Dr Powell. 'At the moment, we’re on a bit of a pause because of the mortgage-payment freeze,' she said. 'But when that lifts at the end of September, many more of those property owners might end up trying to sell.'"