PHOTO: Melbourne’s property market could take a hit because of coronavirus. Source:istock

Melbourne’s property market could be set for a major hit as vendors consider pulling properties from the market during the coronavirus crisis.

Sellers are already holding off from listing their homes, while those with properties already on the market face the possibility of cancelled auctions and stagnated campaigns.

Full Circle Property Advocates director Rob German said most people who wanted to sell would “probably hold off”, but those who had already listed should push on at this stage.

“Buyers are still out there … I do believe there’s always going to be a segment of the market that’s active and that will help prices hold firm, although huge gains won’t be seen,“ Mr German said.

“But I think vendors with auction plans would be mad to not seriously consider a pre-auction offer, especially if it’s within their price expectations.

“Those who had plans to list in May should probably reassess in about three or four weeks.”