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Today, an official announcment of unemployment rate has reached 10% in Aus, 750k ppl have become unemployed amid various various stimulus packages introudced by govt such as Jobkeeper regime. According to Shane Oliver, chief economists in Aus, property market will drop 20% if unemployment reaches 10%. This will take 3 - 6 months to reflect in the market.
 

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Today, an official announcment of unemployment rate has reached 10% in Aus, 750k ppl have become unemployed amid various various stimulus packages introudced by govt such as Jobkeeper regime. According to Shane Oliver, chief economists in Aus, property market will drop 20% if unemployment reaches 10%. This will take 3 - 6 months to reflect in the market.
Shane Oliver in March 2020, said "In the worst-case scenario, prices could fall about 20%"

But since then, various measures have been taken to protect peoples incomes since that date.

March unemployment jumped to 2.4 million (16.8%).
APR 26, 2020
Strong buyer demand from first-home buyers and upgraders will help put a floor on property prices as the number of homes for sale drops in almost every part of Sydney, experts say. "The lack of supply is still holding prices very strong."

Sydney median house price rose 13.1% in the year ending March 2020.

Fewer houses are selling during the lockdowns which will create anomalies in median prices.

Then, once the lockdowns are over, and people are getting back to normal, prices may well rise quickly again, if they do in fact drop.

Experts have different views, anything could happen.

1st May 2020
According to the CoreLogic Home Value Index results out today, Australian housing values have not seen any evidence of a material decline in April. Regional Queensland property values rose 0.2 per cent in April.
 

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It ll be interesting to see how many companies fold after September once the Jobkeeper payments cease. The real tsunami will hit the market when those on Jobkeeper payments go on to Newstart without the COVID 19 supplement. There is talk of an extension of these payments if the economy doesn't bounce back, which at this stage looks highly unlikely.

In more positive news, those who have saved up for their first home and have a stable income would get good bargains.
 
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