{"id":39349,"date":"2022-07-01T11:17:17","date_gmt":"2022-06-30T23:17:17","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39349"},"modified":"2022-07-01T11:17:17","modified_gmt":"2022-06-30T23:17:17","slug":"shaky-housing-adds-7-trillion-hazard-to-australias-economy-watch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/shaky-housing-adds-7-trillion-hazard-to-australias-economy-watch\/","title":{"rendered":"Shaky housing adds $7 trillion hazard to Australia\u2019s economy | WATCH"},"content":{"rendered":"<p><strong>PHOTO: Housing markets are bubbling all over the world<\/strong><\/p>\n<ul class=\"abstract__a20fee61\">\n<li class=\"abstract-item__53ceee34\">\n<div class=\"abstract-item-text__d2d4dde8\">Economists diverge on how property downturn will hit consumers<\/div>\n<\/li>\n<li class=\"abstract-item__53ceee34\">\n<div class=\"abstract-item-text__d2d4dde8\">Most are in RBA camp of cautious optimism; some more worried<\/div>\n<\/li>\n<\/ul>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/bank-announces-massive-hike-to-one-of-its-interest-rates\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2017\/12\/Mortgage-Choice-chief-executive-officer-John-Flavell-said-a-lot-of-people-had-their-head-in-the-sand-when-it-came-to-their-personal-finances.-460x270.jpg\" alt=\"\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2017\/12\/Mortgage-Choice-chief-executive-officer-John-Flavell-said-a-lot-of-people-had-their-head-in-the-sand-when-it-came-to-their-personal-finances.-460x270.jpg\" \/><\/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\/bank-announces-massive-hike-to-one-of-its-interest-rates\/\" rel=\"bookmark\">Bank announces massive hike to its interest rates<\/a><\/h2>\n<\/header>\n<\/div>\n<style>\n       .errordiv { padding:10px; margin:10px; border: 1px solid #555555;color: #000000;background-color: #f8f8f8; width:500px; }#advanced_iframe {visibility:visible;opacity:1;vertical-align:top;}.ai-info-bottom-iframe { position: fixed; z-index: 10000; bottom:0; left: 0; margin: 0px; text-align: center; width: 100%; background-color: #ff9999; padding-left: 5px;padding-bottom: 5px; border-top: 1px solid #aaa } a.ai-bold {font-weight: bold;}#ai-layer-div-advanced_iframe p {height:100%;margin:0;padding:0}<\/style><script type=\"text\/javascript\">var ai_iframe_width_advanced_iframe = 0;var ai_iframe_height_advanced_iframe = 0;var aiOnloadScrollTop=\"true\";var aiShowDebug=false;\n\t\tif (typeof aiReadyCallbacks === 'undefined') {\n\t\t\tvar aiReadyCallbacks = [];\n\t\t} else if (!(aiReadyCallbacks instanceof Array)) {\n\t\t\tvar aiReadyCallbacks = [];\n\t\t}    function aiShowIframeId(id_iframe) { jQuery(\"#\"+id_iframe).css(\"visibility\", \"visible\");    }    function aiResizeIframeHeight(height) { aiResizeIframeHeight(height,advanced_iframe); }    function aiResizeIframeHeightId(height,width,id) {aiResizeIframeHeightById(id,height);}<\/script><iframe id=\"advanced_iframe\"  name=\"advanced_iframe\"  data-src=\"https:\/\/www.bloomberg.com\/multimedia\/api\/embed\/iframe?id=3182e2bb-d951-45ea-936b-a92be9daa9a0\"  width=\"100%\"  height=\"600\"  frameborder=\"0\"  border=\"0\"  allowtransparency=\"true\"   style=\";border-width: 0px;;border: none;;width:100%;;height:600px;\"  src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"0\"><\/iframe><script type=\"text\/javascript\">var ifrm_advanced_iframe = document.getElementById(\"advanced_iframe\");var hiddenTabsDoneadvanced_iframe = false;\nfunction resizeCallbackadvanced_iframe() {}<\/script><script type=\"text\/javascript\"><\/script><p style=\"display:block !important; visibility:visible !important;margin: -18px 14px 0 0;padding-left: 3px;padding-top:3px;background: white; overflow: hidden; position: relative; line-height:15px;width: fit-content;\"><small style=\"display:block !important;visibility:visible !important\">powered by Advanced iFrame<\/small><\/p>\n<p>Economists agree Australia\u2019s housing prices are about to sink. What they\u2019re not so aligned on is just how much a slide in the country\u2019s A$10 trillion ($6.9 trillion) property market will drag the economy down with it.<\/p>\n<p>With interest rates rising and inflation yet to peak, few expect an economy that\u2019s 60% fueled by consumption to escape unscathed from a housing correction. While some economists are talking of recession, others expect Australia\u2019s consumers to withstand the reversal of a wealth effect that accelerated during the pandemic.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/sydney-and-melbourne-set-to-lead-property-price-tumble\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/Auctions-460x270.jpg\" alt=\"Auctions\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/Auctions-460x270.jpg\" \/><\/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\/sydney-and-melbourne-set-to-lead-property-price-tumble\/\" rel=\"bookmark\">Sydney and Melbourne set to lead property price tumble<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"paywall\">The disparity in views underscores the delicate balancing act that Reserve Bank Governor Philip Lowe must perform as the central bank seeks to quickly tame inflation that\u2019s plaguing economies worldwide. Housing slowdowns driven by tightening cycles can have an outsized impact on broader economic growth as households cut spending to repay their mortgages, and Australia\u2019s central bank is forecast to hike rates at the fastest pace on record.<\/p>\n<p class=\"paywall\">Here\u2019s a look at the optimistic and pessimistic scenarios for Australia\u2019s economy as its housing market cools.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/house-prices-predicted-to-fall-by-20-in-next-18-months-watch\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/price-drop-460x270.jpg\" alt=\"price drop\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/price-drop-460x270.jpg\" \/><\/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\/house-prices-predicted-to-fall-by-20-in-next-18-months-watch\/\" rel=\"bookmark\">House prices predicted to fall by 20% in next 18 months | WATCH<\/a><\/h2>\n<p>&nbsp;<\/p>\n<\/header>\n<\/div>\n<h3 id=\"the-bullish-case\u00a0\" class=\"paywall\">The Bullish Case<\/h3>\n<p class=\"paywall\">Optimistic analysts cite solid underlying economic momentum with unemployment at a near 50-year low of 3.9%, high job vacancies and\u00a0still resilient consumer spending as reasons the economy will withstand a slide in home prices.<\/p>\n<p class=\"paywall\">By comparison, during the previous property downturn in 2017-2019, unemployment hovered at 5-5.5% while household savings were less than half of what they are today.<\/p>\n<figure class=\"figure-expandable paywall\" data-id=\"388752949\" data-type=\"image\" data-image-type=\"chart\" data-image-size=\"full\" data-align=\"center\">\n<div class=\"image figure-expandable-image__b21aa779\" tabindex=\"0\" role=\"button\" aria-label=\"Open image in viewer\">\n<div id=\"lazy-img-388752949\" class=\"lazy-img\"><img decoding=\"async\" class=\"lazy-img__image loaded lazyload\" data-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iz3b1tuOklZI\/v2\/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE\/620x-1.png\" alt=\"Australian home prices cool as rising inflation sparks rate rise\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iz3b1tuOklZI\/v2\/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE\/-1x-1.png\" data-img-type=\"chart\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<\/div><figcaption>\n<div class=\"news-figure-caption-text caption\"><\/div>\n<div class=\"news-figure-credit credit\"><\/div>\n<\/figcaption><\/figure>\n<p class=\"paywall\">Since January, home prices in the bellwether Sydney market have declined 0.9%, while the nationwide value saw its first decline in June since 2020. Australia &amp; New Zealand Banking Group Ltd. economists predict Sydney prices will drop one-fifth by the end of next year.<\/p>\n<p class=\"paywall\">Bloomberg Intelligence sees prices in the nation\u2019s largest city falling 12-15% in 2022, based on the cash rate climbing to 1.75% by December.<\/p>\n<p class=\"paywall\">Leading the cautious optimists is Governor Lowe, who has raised interest rates twice since May to 0.85% and is widely expected to move again in July. While he acknowledges that rapid hikes will trim the financial buffers amassed by the country\u2019s indebted households over the past couple of years, he sees reasons to be positive.<\/p>\n<p class=\"paywall\">\u201cWe\u2019ve got more financial assets as well as A$200 billion of extra savings, that\u2019s a lot of money,\u201d Lowe said in Sydney last week. \u201cThere are a lot of kind of moving pieces here, but where we stand today, household spending has been pretty resilient.\u201d<\/p>\n<figure class=\"figure-expandable paywall\" data-id=\"388665006\" data-type=\"image\" data-image-type=\"chart\" data-image-size=\"full\" data-align=\"center\">\n<div class=\"image figure-expandable-image__b21aa779\" tabindex=\"0\" role=\"button\" aria-label=\"Open image in viewer\">\n<div id=\"lazy-img-388665006\" class=\"lazy-img\"><img decoding=\"async\" class=\"lazy-img__image loaded lazyload\" data-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3qHto_LHbW4\/v2\/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE\/620x-1.png\" alt=\"Australians have yet to run down their savings to pre-pandemic levels\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3qHto_LHbW4\/v2\/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE\/-1x-1.png\" data-img-type=\"chart\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<\/div><figcaption>\n<div class=\"news-figure-caption-text caption\"><\/div>\n<div class=\"news-figure-credit credit\"><\/div>\n<\/figcaption><\/figure>\n<p class=\"paywall\">Among other reasons why most economists aren\u2019t panicking are recent data showing that Australian businesses\u2019 investment plans are the strongest in more than a decade, firms are still hiring hard and household savings are above 11% of income.<\/p>\n<p class=\"paywall\">Job vacancies also remain high, with data Thursday coming in at 13.8% for the three months through May, more than double the previous quarter.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-29\/shaky-housing-adds-7-trillion-hazard-to-australia-s-economy?srnd=economics-vp\">BLOOMBERG<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n<ul class=\"wpp-list wpp-list-with-thumbnails\">\n<li><a href=\"https:\/\/www.propertynoise.co.nz\/new-zealand-house-prices-predicted-to-crash-in-2022-watch\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" class=\"wpp-thumbnail wpp_featured wpp_cached_thumb lazyload\" data-src=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img,w_75,h_75\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94482-featured-75x75.jpg\" 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data-srcset=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94540-featured-75x75.jpg, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94540-featured-75x75@1.5x.jpg 1.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94540-featured-75x75@2x.jpg 2x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94540-featured-75x75@2.5x.jpg 2.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94540-featured-75x75@3x.jpg 3x\" alt=\"Ganesh Raj\" width=\"75\" height=\"75\" 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data-srcset=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94569-featured-75x75.jpg, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94569-featured-75x75@1.5x.jpg 1.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94569-featured-75x75@2x.jpg 2x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94569-featured-75x75@2.5x.jpg 2.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/94569-featured-75x75@3x.jpg 3x\" alt=\"Housing Crash\" width=\"75\" height=\"75\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 75px; --smush-placeholder-aspect-ratio: 75\/75;\" \/><\/a><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/warning-new-zealand-property-at-top-of-risk-ranking-bloomberg\/\" target=\"_self\" rel=\"noopener\">WARNING: New Zealand property at top of risk ranking | Bloomberg<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Housing markets are bubbling all over the world Economists<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/shaky-housing-adds-7-trillion-hazard-to-australias-economy-watch\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":39350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478122036,478122035,478098519,478098535,478110835,478098513,478098873,478098579,478098510,478098514,478098609,478098511,478098705,478098828,478098509,478099375,478104568],"class_list":["entry","author-data123nz","post-39349","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-australias-housing-prices","tag-bloomberg-intelligence","tag-home-ownership","tag-house-prices","tag-housing","tag-property","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-rba","tag-real-estate","tag-real-estate-agency","tag-real-estate-agents","tag-real-estate-news","tag-the-reserve-bank","tag-the-reserve-bank-of-australia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shaky housing adds $7 trillion hazard to Australia\u2019s economy | WATCH - 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\/shaky-housing-adds-7-trillion-hazard-to-australias-economy-watch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shaky housing adds $7 trillion hazard to Australia\u2019s economy | WATCH - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Housing markets are bubbling all over the world EconomistsRead More &rarr;\" \/>\n<meta property=\"og:url\" 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