{"id":25216,"date":"2020-05-15T10:33:39","date_gmt":"2020-05-14T22:33:39","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25216"},"modified":"2020-05-15T10:33:39","modified_gmt":"2020-05-14T22:33:39","slug":"cba-warns-australia-risks-32-per-cent-house-price-crash-in-a-prolonged-downturn","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/cba-warns-australia-risks-32-per-cent-house-price-crash-in-a-prolonged-downturn\/","title":{"rendered":"CBA warns Australia risks 32 per cent house price crash in a &#8216;prolonged downturn&#8217;"},"content":{"rendered":"<p><strong>PHOTO: CBA&#8217;s base-case is for house prices to fall 11 per cent, but its worst case scenario is a 32 per cent crash.<cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(ABC News: Ian Cutmore)<\/cite><\/strong><\/p>\n<p class=\"_1SzQc\">Australia&#8217;s biggest home lender is warning Australian house prices could tumble by a third if coronavirus leads to a &#8220;prolonged downturn&#8221; and extended period of high unemployment.<\/p>\n<section class=\"_2ybzm Es5LH _1LbdU _1bAUU q-cWK\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"zT1nT _4Zpdk SelAj _1t9H3 _2-MxD lxkD- mSYxO age8P\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_3Crv1\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">CBA announces an unaudited profit of $1.3b for the first three months of 2020<\/li>\n<li class=\"\" data-component=\"ListItem\">The bank is setting aside $1.5b for potential coronavirus-related losses, bringing total credit provisions to $6.4b<\/li>\n<li class=\"\" data-component=\"ListItem\">CBA says it has received 144,000 requests for home loan repayment deferrals and 71,000 for business loans<\/li>\n<\/ul>\n<\/section>\n<p class=\"_1SzQc\">In its third-quarter trading update, CBA announced it had set aside $1.5 billion to cover potential losses from the COVID-19 recession, taking its total provisions for bad and doubtful debts to $6.4 billion, which it said was higher than its three main rivals.<\/p>\n<p class=\"_1SzQc\">Those provisions are based on the bank&#8217;s base case of a 6 per cent economic downturn this year followed by a rapid bounce-back of 6 per cent next year and further 3 per cent growth in 2022.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/this-brisbane-house-comes-with-a-lexus-car-for-free\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image\" src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/05\/8-Bloxsom-Street-Kedron.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Lexus car for free\" width=\"460\" height=\"270\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/this-brisbane-house-comes-with-a-lexus-car-for-free\/\" rel=\"bookmark\">This Brisbane house comes with a Lexus car for free<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"_1SzQc\">Unemployment would average 8.25 per cent this year before easing back to 6.5 per cent by 2022.<\/p>\n<p class=\"_1SzQc\">In this scenario, home prices would fall by 11 per cent over three years.<\/p>\n<figure id=\"12241796\" class=\"_3M2Ue _1LbdU _1bAUU _2RJ9c\" role=\"group\" aria-labelledby=\"dls-id-222920\" data-component=\"Figure\">\n<div class=\"oNO9S\" data-component=\"IntersectionObserver\">\n<div class=\"JaEq6\"><img decoding=\"async\" class=\"_1z778 lazyload\" data-src=\"https:\/\/www.abc.net.au\/cm\/rimage\/12241762-16x9-xlarge.png?v=2\" data-sizes=\"100vw\" alt=\"CBA investor briefing Powerpoint slide containing economic forecasts.\" data-component=\"Image\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<\/div><figcaption id=\"dls-id-222920\" class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _1qYXN\" data-component=\"Figure__figcaption\">The shock forecasts were contained in a Powerpoint slide for CBA&#8217;s investor presentation.<cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(Supplied: CBA)<\/cite><\/figcaption><\/figure>\n<p class=\"_1SzQc\">However, the bank also flagged a &#8220;prolonged downturn&#8221; scenario, where GDP growth falls 7.1 per cent this year, followed by a further 0.8 per cent decline next year, before a modest 2.3 per cent recovery in 2022.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2020-05-13\/coronavirus-commonwealth-bank-house-prices-economy-unemployment\/12241338\">ABC NEWS<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST 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base-case is for house prices to fall 11<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/cba-warns-australia-risks-32-per-cent-house-price-crash-in-a-prolonged-downturn\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":25217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478105117,478098726,478108580,478109563,478098566,478101744,478098542,478098519,478100563,478098535,478098522,478098537,478098543,478098556,478098539,478098513,478101743,478099125,478098873,478098579,478098510,478098514,478098511,478098705,478098533,478098509,478098532,478098536,478098618,478098677,478098724],"class_list":["entry","author-data123nz","post-25216","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-cba","tag-chinese-buyers","tag-coronavirus","tag-covid-19-recession","tag-first-home-buyers","tag-gdp-growth","tag-home-loans","tag-home-ownership","tag-house-price-crash","tag-house-prices","tag-interest-rates","tag-melbourne","tag-mortgages","tag-nsw","tag-perth","tag-property","tag-property-correction","tag-property-crash","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-news","tag-realtor","tag-sydney","tag-sydney-property","tag-victoria","tag-wa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBA warns Australia risks 32 per cent house price crash in a &#039;prolonged downturn&#039; - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/cba-warns-australia-risks-32-per-cent-house-price-crash-in-a-prolonged-downturn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBA warns Australia risks 32 per cent house price crash in a &#039;prolonged downturn&#039; - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: CBA&#8217;s base-case is for house prices to fall 11Read More &rarr;\" \/>\n<meta property=\"og:url\" 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