Property market ‘likely’ to be affected by virus: REIA

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Real Estate Institute of Australia (REIA) president Adrian Kelly has said the country’s property markets are likely to be affected by the public response to the coronavirus pandemic.

“It is more likely our markets will be affected by reduced consumer sentiment than the actual virus itself,” he said in a statement on Thursday 12 March.

“I am already hearing of many stories whereby potential vendors are deciding not to sell at this time, preferring to wait until things normalise.”

He said he expects buyers will continue to purchase, regardless of seller sentiments, and said: “I suspect any reduced consumer sentiment is likely to be magnified in the larger cities than in regional parts of Australia”.

“If REIA receives any messages from government to be disseminated to the property industry, we will do so.”

 

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