{"id":26221,"date":"2020-07-12T10:19:24","date_gmt":"2020-07-11T22:19:24","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26221"},"modified":"2020-07-12T10:19:24","modified_gmt":"2020-07-11T22:19:24","slug":"how-bad-is-covid-for-house-prices-compared-to-other-great-crashes-of-history","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/how-bad-is-covid-for-house-prices-compared-to-other-great-crashes-of-history\/","title":{"rendered":"How bad is COVID for house prices compared to other great crashes of history?"},"content":{"rendered":"<p><strong>PHOTO: The house price curve took a sharp dive from 2017, but was recovering before coronavirus hit. <cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(ABC News)<\/cite><\/strong><\/p>\n<p class=\"_1SzQc\">Experts say a decline in Australian house prices since the beginning of the COVID-19 pandemic is not yet anywhere near as steep as other historic market crashes, but this time there&#8217;s little ammunition left to blast the economy \u2014 and the real estate industry \u2014 out of a trough.<\/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\">Combined capital city property values were recovering before coronavirus<\/li>\n<li class=\"\" data-component=\"ListItem\">There are concerns the pandemic will lead to a protracted downturn<\/li>\n<li class=\"\" data-component=\"ListItem\">Values in some cities have so far been relatively unaffected by the virus<\/li>\n<\/ul>\n<\/section>\n<p class=\"_1SzQc\">The most recent figures show residential property values in Australia declined for the second consecutive month as the impact of the coronavirus pandemic took its toll on the market.<\/p>\n<p class=\"_1SzQc\">In CoreLogic&#8217;s latest home value index\u00a0national values fell 0.7 per cent in June, following on from a 0.4 per cent decline in May.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/returning-kiwis-not-enough-to-move-the-needle-on-housing-and-unemployment\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?resize=460%2C270&amp;ssl=1\" sizes=\"(max-width: 460px) 100vw, 460px\" srcset=\"https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?resize=460%2C270&amp;ssl=1 460w, https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?zoom=2&amp;resize=460%2C270&amp;ssl=1 920w\" alt=\"Returning Kiwis\" width=\"460\" height=\"270\" data-attachment-id=\"73341\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/returning-kiwis-not-enough-to-move-the-needle-on-housing-and-unemployment\/courtney-ratuszny\/\" data-orig-file=\"https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?fit=1240%2C696&amp;ssl=1\" data-orig-size=\"1240,696\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Courtney Ratuszny\" data-image-description=\"\" data-medium-file=\"https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?fit=300%2C168&amp;ssl=1\" data-large-file=\"https:\/\/i1.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/07\/Courtney-Ratuszny.jpg?fit=1024%2C575&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/returning-kiwis-not-enough-to-move-the-needle-on-housing-and-unemployment\/\" rel=\"bookmark\">Returning Kiwis not enough to move the needle on housing and unemployment &#8211; NEW ZEALAND<\/a><\/h2>\n<\/header>\n<\/div>\n<p>&nbsp;<\/p>\n<p class=\"_1SzQc\">However, with the Federal Government currently pouring hundreds of billions of dollars into the economy, home owners will not know for months whether the current decline can be halted, or if it will continue its downwards trajectory once those stimulus measures dry up.<\/p>\n<h2 class=\"_1LI2A _3_H8z SelAj _1t9H3 ZPXNE lxkD- mSYxO age8P\" data-component=\"Heading\">How was the market before COVID-19 hit?<\/h2>\n<p class=\"_1SzQc\">CoreLogic head of research Tim Lawless said the recent market downturn since 2017 was already much larger than previous fluctuations, even before the virus took hold.<\/p>\n<p class=\"_1SzQc\">The national property market had been in a recovery phase after plunging 10.2 per cent from a peak in 2017, until coronavirus hit.<\/p>\n<figure id=\"12445302\" class=\"_3M2Ue _1LbdU _1bAUU _2RJ9c\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"dls-id-15267\" 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\/12412518-4x3-xlarge.jpg?v=2\" data-sizes=\"100vw\" alt=\"Profile shot of CoreLogic's head of research Tim Lawless sitting in an office wearing a suit.\" data-component=\"Image\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<\/div><figcaption id=\"dls-id-15267\" class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _1qYXN\" data-component=\"Figure__figcaption\"><em><strong>CoreLogic&#8217;s head of research Tim Lawless says it&#8217;s unclear how protracted this downturn will be.<cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(Supplied: CoreLogic)<\/cite><\/strong><\/em><cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">READ MORE VIA<a href=\"https:\/\/www.abc.net.au\/news\/2020-07-11\/how-does-coronavirus-compare-to-other-property-market-shocks\/12426258\"> ABC<\/a><\/cite><\/p>\n<\/figcaption><h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout 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href=\"https:\/\/propertynoise.co.nz\/au\/how-bad-is-covid-for-house-prices-compared-to-other-great-crashes-of-history\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":26222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478098892,478110427,478108952,478109554,478098566,478098542,478098519,478098535,478098513,478101743,478099125,478098873,478098579,478098510,478098514,478098511,478098509,478103816],"class_list":["entry","author-data123nz","post-26221","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-corelogic","tag-corelogic-head-of-research","tag-covid-19","tag-covid-19-pandemic","tag-first-home-buyers","tag-home-loans","tag-home-ownership","tag-house-prices","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-news","tag-tim-lawless"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How bad is COVID for house prices compared to other great crashes of history? - 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\/how-bad-is-covid-for-house-prices-compared-to-other-great-crashes-of-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How bad is COVID for house prices compared to other great crashes of history? - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: The house price curve took a sharp dive fromRead More &rarr;\" \/>\n<meta property=\"og:url\" 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