PHOTO: REIA president Adrian Kelly

The economic impact the coronavirus (COVID-19) has had on the economy can be expected to slow the property market, REIA president says.

In a statement, REIA president Adrian Kelly said the real estate industry should be aware of what impact the coronavirus could have on the property market.

“It is more likely our markets will be affected by reduced consumer sentiment than the actual virus itself. 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.

“While such a notion is completely understandable, it doesn’t make sense as we all know it is better to sell in a market with less competition, and I have no doubt that our buyers will continue to purchase regardless of how the seller may be feeling.

“I suspect any reduced consumer sentiment is likely to be magnified in the larger cities than in regional parts of Australia, just as the nonsensical rush to buy toilet paper has been.

“I have no doubt that once this situation is managed and under control, our markets will return to normality just as they did after the bushfires earlier in the year.”