Terry Ryder

Coronavirus property risk to be “short and sharp”, experts claim

PHOTO: Hotspotting director Terry Ryder said real estate tended to perform well during times of economic duress. Source: Supplied

There is fear uncertainty over COVID-19 could drive a major drop in property prices but this is not the main threat posed by the pandemic, buyers are being warned.

Coronavirus is likely to hit property sales volumes more than prices and the market could quickly rebound after a “short, sharp downturn”, a prominent real estate analyst has warned.

Hotspotting director Terry Ryder told a recent webinar for real estate consumers that fear about economic uncertainty was understandable but buyers needed to view property as a long-term investment.

“It is a time to be looking for opportunities when others are perhaps intimated and sitting on the fence,” Mr Ryder said.

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