{"id":24081,"date":"2020-03-12T13:04:03","date_gmt":"2020-03-12T00:04:03","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=24081"},"modified":"2020-03-12T13:04:19","modified_gmt":"2020-03-12T00:04:19","slug":"what-house-prices-did-in-the-global-financial-crisis-and-why-its-different-now","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/what-house-prices-did-in-the-global-financial-crisis-and-why-its-different-now\/","title":{"rendered":"What house prices did in the global financial crisis, and why it\u2019s different now"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO: GFC<\/strong><\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\">Homebuyers hoping recent falls in the Australian sharemarket will translate into a drop in property prices could be disappointed, if history is any guide, given house prices rose after the global financial crisis in 2008.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But economists also warn the economic situation now is different from the 2008 crisis, and today\u2019s ultra-low interest rates are likely to be a bigger driver of the property market than share-price movements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The global spread of coronavirus has raised fears for the health of the Australian economy as the tourism and education sectors take a hit, with investors selling off local shares. Monday\u2019s fall was the worst since the GFC and the benchmark S&amp;P\/ASX 200 sharemarket index is 17.4 per cent lower than its February peak, despite a Tuesday afternoon rally that saw a 3.1 per cent daily lift.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The path of interest rates offers a clue to previous housing market activity in times of economic uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before the global financial crisis, interest rates were rising in a bid to control strong inflation and as mortgages got more expensive, housing prices were falling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.domain.com.au\/news\/what-house-prices-were-doing-during-the-global-financial-crisis-and-how-its-different-now-938567\/\">DOMAIN<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: GFC Homebuyers hoping recent falls in the Australian sharemarket<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/what-house-prices-did-in-the-global-financial-crisis-and-why-its-different-now\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":24082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478109000,478099193,478104478,478099784,478099304,478098522,478098616],"class_list":["entry","author-data123nz","post-24081","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-asx-200","tag-gfc","tag-global-economy","tag-global-financial-crisis","tag-global-financial-recession","tag-interest-rates","tag-property-prices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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