PHOTO: NZ property market
Nick Goodall – 30 Mar 2020
I saw an excellent chart on twitter last week and it was beautiful in its simplicity. It simply charted the number of times the word ‘unprecedented’ had been used online each day.
Needless to say, it’s taken off like a sky rocket. It’s the word of the hour, the word of the day, the word of the week and the word of the month. And you know what? It’ll be the word of the year as well.
And in these times, we are all searching for truth and rely heavily on data to deliver these truths as we look to the past to provide lessons for our future, unfortunately it’s becoming more and more difficult – why?
Enter that word again – ‘unprecedented’. When else did the country go into complete lock down? When else did the Official Cash Rate reach 0.25%? When else did we see such wide-reaching and deep support from the Government in such a short space of time? I’ll tell you when. Never.
Sure, we can look back at the GFC, or any of the other prior downturns to track market performance, both through the drop and subsequent recovery, but the truth is these previous downturns were very different from this current health crisis that has been the catalyst for an economic crisis.
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