Mij Michael August 16, 2021
Covid-19 across the country is causing concern. Almost 16 million Australians were in lockdown recently, which suggested possible economic consequences. However, house prices around the country have continued to increase.
CoreLogic’s latest Pain and Gain Report, which provides a view of how resold properties are performing across Australia, says that in Sydney:
The RBA thinks there will be a sharp rebound after the end of the lockdown. It also suggests that Australia’s economy is likely to move into reverse in the September quarter, with an increase in unemployment.
This disruption to Australia’s economic activity and labour markets is expected to be only temporary, says the RBA. They also suggest that the experience to date has been that economic conditions bounce back quickly once the outbreaks are contained and restrictions are lifted.