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Mirvac, REA Group Withdraw Guidance in Response to Coronavirus

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Property developer Mirvac, and online residential listing site REA Group have today withdrawn their full-year financial outlook amid economic uncertainty in response to the coronavirus.

Mirvac said that “any forward-looking statements, including comments about active and passive earnings, are withdrawn”, in an update to the ASX.

Mirvac chief executive Susan Lloyd-Hurwitz described the move as “swift and prudent measures across the business” as the impact of COVID-19 is felt in “an ever-changing environment”.

Mirvac’s announcement follows the property giant’s decision to ask its staff to work from home on Monday in bid to reduce the virus' infectious spread.

The impact of COVID-19 has escalated within recent weeks, as governments around the world introduce a series of measures to slow its spread.

In its own announcement withdrawing its previous outlook, REA Group chief executive Owen Wilson said it was no longer “possible to predict the impact of the current environment on residential listing volumes”.

Related: Federal, State Governments Plan Further Coronavirus Stimulus

▲  Property developer Mirvac, and REA Group have both withdrawn their full-year outlooks citing economic uncertainty in response to the coronavirus.
▲ REA Group chief executive Owen Wilson said the group will give customers the ability to re-list or re-upgrade listings for free during this period of uncertainty.


Wilson said the REA Group will give customers the ability to re-list or re-upgrade listings for free, as the pandemic continues.

REA Group are also delaying the price changes to its residential business, which were due 1 July 2020, until further notice.

“The duration of these measures to support our customers will continue to be assessed based on market conditions and further developments with the coronavirus,” Wilson said.

The announcement comes as many ASX-listed companies have withdrawn their financial guidance due to uncertainty around COVID-19.

Less than a week ago, government announced a $17.6 billion economic stimulus package, as households and businesses brace for economic impact.

Related: How Will Coronavirus Affect Property Prices?

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Article originally posted at: https://theurbandeveloper.com/articles/rea-group-withdraws-guidance-coronavirus