The Real Estate Institute of Australia's president Adrian Kelly has released a statement in light of the recent announcement by the World Health Organisation that Coronavirus is now a global pandemic.

Asked by industry members to make the statement, Mr Kelly said he doesn't intend to comment on what precautions to take, but rather how the virus could affect the property industry.

"The best advice to follow is that being provided by local, state and federal health authorities," said Mr Kelly.

"Obviously, care should be taken in the workplace which also extends to open homes, auctions, corporate travel and the like."

Mr Kelly recently represented the real estate industry at a gathering of business and government heads in Sydney and discussion of the Coronavirus took place.

"Rest assured the necessary precautions were being taken," said Mr Kelly.

"Coronavirus was obviously the main topic of conversation and it was abundantly clear the situation is yet to truly unfold in Australia.  

"With this in mind, we should be aware of what impact the virus will have on our property markets across the country.

"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.  

"Whilst 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.

Mr Kelly said he suspected reduced consumer sentiment is likely to be  magnified in the larger cities than in regional parts of Australia.

"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," said Mr Kelly.

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

"Aside from that, let’s continue to follow the advice of the health experts and keep ourselves, friends and families safe."

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