Sydney had the highest growth over the quarter with values up 3.9 per cent, followed by Melbourne at 2.9 per cent and Canberra at 1.7 per cent.Melbourne's inner east, where values were previously rising rapidly, recorded a 0.2 per cent drop over the month.
However, Mr Lawless noted that recent trends in the market would become irrelevant as coronavirus continued to affect people's jobs and dent household confidence. "We've seen total stimulus measures now getting close to 16 per cent of GDP … so it is an enormous amount of capital flowing into the market.
The Reserve Bank cuts interest rates to a record low and announces a quantitative easing program for the first time in its history to help prevent a coronavirus-driven recession. "A large proportion of jobs losses have been in lower-paid sectors, such as hospitality, travel or tourism. However, equity values have also been hard hit, which could contribute to weaker demand across the higher value segments of the market."
Yawn 🥱... need to write a story hmm 🤔... oh yeah property prices r falling. Wait ✋... they will fall. Job done ✅. Well done Sherlock
Oh well...I guess we were warned this was going to happen. No point bleating now. Cheer up🤓
And as the Boomers croak, more houses will become available. The only people who seem not to give a shit are Boomers. Out and about all the time
You mean: an exponential curve being somewhat flattened?
While I feel for the people up to their eye balls in debt, one has to ask why they were allowed to get to that point in the first place. Constaint complaints about a housing affordability crisis and as soon as theres a slump we can complain about that too HousingForAll
Why reinforce the idea that our already well over priced housing stock ceaselessly growing is a good thing?
We should be building mass housing to give every Australian a decent quality of life at lowest cost to the occupant, solving homelessness. Instead, we horse trade investment properties. It's so incredibly vulgar.
Good, crash it. It was a terrible idea to float an economy on house price gauging and massive debt.
I see the coming ‘housepocalypse’ as the price correction that had to eventuate. Household debt was almost 200% before the Pandemic, how could that remain sustainable...
I feel for the people who might be forced to sell at this time. It cant be pleasant.
“Worse”
The idea that rising house prices are a good thing needs to be questioned by journalists not reinforced.
This is what the IPA might call: sharing the pain.
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