Coronavirus and the economic response to the pandemic could drag Australia's economy into a recession for the first time in almost 30 years. Business activity is already being affected, and house prices may very well plunge in the months ahead. Coronavirus has already hurt consumer confidence more than it did during the 2008 financial crisis, with recent listings and sales figures already showing a clear lack of movement. ;
Real Estate in Limbo
April 20th, 2020
According to the latest figures from
CoreLogic, national dwelling prices managed to hold up well in March, rising
0.7% over the month. The robust nature of the housing market also comes with
some lag-time, however, with results in April, May, and further down the road
likely to be more indicative of the current economic climate. According to
CoreLogic head of research Tim Lawless, we are entering into an
"unprecedented" period: "It's the sheer uncertainty of a
health-related crisis, rather than an economic one, or a financial catalyst,
that's the big difference here."
