PHOTO: Australian property market
BENGALURU (Reuters) – Australian house prices will decline this year and next as the damage from the coronavirus pandemic’s disruption to the economy lingers on, with demand wilting on higher unemployment and lower immigration, a Reuters poll showed.
So far, the coronavirus has infected over 8.2 million people worldwide, including over 7,300 people in Australia. The pandemic has almost certainly marked the onset of a recession in the A$ 2.0 trillion economy after nearly three decades of continuous economic growth.
Australian house prices were expected to decline an average 5.0% nationally this year and tumble another 3.6% next year, according to the June 10-17 Reuters poll of 13 property market analysts.
That marks a U-turn from just three months ago when house prices were predicted to rise 7.0% this year and 4.0% next.
When asked how quickly Australian housing market activity would recover to pre-COVID levels, all but two of 11 analysts said it would be gradual.
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