Housing market is ‘in hibernation’ | Sky News Australia

. Consumer sentiment plunged to a 30-thirty-year low in April according to the recent Westpac survey. As consumers grapple with increasing unemployment and job insecurity due to the COVID-19 crisis, the “time to buy a dwelling” index dropped 26.6 per cent – the biggest monthly decline on record. Mr Hasan told Sky News the survey showed the housing market is effectively “in hibernation.

” “We have gone straight to the lows we have seen in the GFC,” he said. “Obviously social distancing and the economic disruptions have pretty much put the housing market into hibernation. “However, when price expectations are this negative that is really going to frame consumer behaviour. Both buyers and sellers in the market might be slightly more inclined to test the waters if they expect prices to be lower in a years’ time.

For me any news on the housing market is actually genuine 'fake news' too much vested interest by ALL participants whether its media companies or journalists, they all have a dependency on a housing market that's always gong upwards much as possible.

The economy was tanking months before the crisis. The interest rates weren’t low because it was healthy! Did people forget this or did the government want us to forget?

TankingEconomyB4Covid

Is this a surprise...?🧐🧐🧐

Have the government authorise more 143 Parental visa’s. We have money to purchase from the sale of our homes here in UK. We are just kicking our heels atm, for 4 years!!!

You keep people locked in their homes, tell them accept the newnormal or they'll die, feed them endless fear porn, yes, they will lose interest in consumption. Because they have no money and no future so whats the point.

The Ponzi Property sector on downhill run.

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Source: SkyNewsAust - 🏆 7. / 78 Read more »