Coronavirus: House hunting slightly easier under alert level 3

Searching for a home has become slightly easier under alert level 3 with real estate agents able to return to work.

But progress is slow and a new form of open homes has had to hit the market. And there are mixed opinions on what the impact of COVID-19 will have on the country's housing market.

A Christchurch real estate agent was happy to be slapping a 'sold' sticker on Saturday.

The former owners luckily held viewings before lockdown. Under alert level 3 viewings can happen but with strict rules.

Just two viewings of a house are allowed per day. You also need hand-sanitising, gloves, no touching anything and only two people from the same bubble through at a time.

But no kids. So parents can't tour a house together.

"Makes it a little bit hard to discuss the house on the fly," says prospective home buyer Braedan Trompetter.

"If they really like it the other will come back on a different occasion, they might stay home with the kids - something like that," says real estate agent Cameron Bailey.

If you're over-70 and trying to sell in level 3 - people can't come through at all.

But what will happen to the country's housing market in the wake of this economic crisis depends on who you ask.

"Property prices are going to fall and I guess the million-dollar question is how much and a lot of that depends just how long and protracted the recession we are in lasts," says economist Cameron Bagrie.

"I think the property market will come through largely unscathed in the sense that I don't anticipate there being large drops in house values around the country with the exception of a couple of locations," says property commentator Ashley Church

"We're hoping it's going to switch to a buyer's market for sure," says Trompetter.

"We're real estate agents so we're always optimistic," Bailey adds.

First home buyers may have a leg up. The Reserve Bank scrapping the loan-to-value ratio for the next 12 months means banks can lend without requiring a 20 percent deposit.

But there's no question areas like Queenstown will take a big hit. And what will happen in the other areas, only time will tell.