{"id":27092,"date":"2020-08-27T13:10:18","date_gmt":"2020-08-27T01:10:18","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27092"},"modified":"2020-08-27T20:40:15","modified_gmt":"2020-08-27T08:40:15","slug":"rba-australian-property-market-can-withstand-a-40-crash","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/rba-australian-property-market-can-withstand-a-40-crash\/","title":{"rendered":"RBA: Australian property market can withstand a 40% crash"},"content":{"rendered":"<p><strong>PHOTO: Reserve Bank of Australia<\/strong><\/p>\n<p>The<a href=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=007736748303843525207:i95wheizs-a&amp;q=https:\/\/propertynoise.co.nz\/au\/the-australian-property-market-outlook-for-the-rest-of-2020\/&amp;sa=U&amp;ved=2ahUKEwjqtculmbrrAhUmzzgGHezoBj8QFjABegQIARAC&amp;usg=AOvVaw1BqLNufOwpymOS8SZacLmU\"> Australian property market<\/a> could reliably withstand an \u2018extreme\u2019 scenario of dropping 40 per cent in value at a time of high unemployment, a discussion paper issued by the country\u2019s central bank has found.<\/p>\n<p>The paper, titled \u2018How risky is Australian household debt?\u2019, examined the risks posed by the housing market\u2019s increasing indebtedness, the stress a strong downturn would place on the banking system, and the effects it would have on people\u2019s everyday spending.<\/p>\n<h2>How would we cope with a dire economic scenario?<\/h2>\n<p>A scenario where property prices dropped by 40 per cent and unemployment rose to 8 per cent was simulated using detailed household-level data &#8212; data that predates the COVID-19 pandemic &#8212; to stress test the banking system and consumer spending.<\/p>\n<p>\u201cWe believe this is an extreme but plausible scenario, which is broadly in line with the shock experienced by some countries during the global financial crisis,\u201d the discussion paper said.<\/p>\n<p>\u201c&#8230;(It) is comparable to (property) falls experienced in countries that were heavily affected by the (global financial) crisis, including the United States (32 per cent fall), Spain (37 per cent fall) and Ireland (55 per cent fall).\u201d<\/p>\n<p>Due to the COVID-19 pandemic, Australia\u2019s unemployment rate is\u00a0forecast to hit double digits before settling at 7 per cent\u00a0for a few years, according to the Reserve Bank of Australia, but\u00a0government stimulus payments have been introduced to subsidise a loss of income\u00a0for many.<\/p>\n<p>The simulation aimed to identify the households that would throttle their spending and default on their mortgage repayments.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.ratecity.com.au\/home-loans\/mortgage-news\/rba-australian-property-market-withstand-doomsday-fall\">RATE CITY<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Broken-hearted real 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&rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":8280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478108952,478109554,478098566,478098562,478111102,478098542,478098519,478098535,478098522,478098809,478098537,478101963,478098543,478098513,478101743,478099125,478098873,478098579,478098510,478098514,478098511,478098509,478098610,478098536,478098618],"class_list":["entry","author-data123nz","post-27092","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-covid-19","tag-covid-19-pandemic","tag-first-home-buyers","tag-foreign-buyers","tag-high-unemployment","tag-home-loans","tag-home-ownership","tag-house-prices","tag-interest-rates","tag-landlords","tag-melbourne","tag-mortgage-repayments","tag-mortgages","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-reserve-bank-of-australia","tag-sydney","tag-sydney-property"],"yoast_head":"<!-- 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