"Most real estate agents expect housing values to drop by as much as 20 per cent over the next six months as buyers drop out of the market, prompting fears of a prolonged downturn that could force some agencies to close, according to an industry poll."
Douglas Driscoll, CEO of Sydney-based agency Starr Partners, said the group's listings have plummeted by about 70 per cent over the last fortnight alone, while sales were down by about 40 per cent. Mr Driscoll said prices were certainly going to drop as a result of the COVID-19 crisis.
"I am absolutely anticipating a downturn in the property market where we'll see prices drop. I just can't see how house prices aren't going to be affected by this crisis."
