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Even in the midst of a recession the Australian housing market continues along its merry way

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The Australian housing market is a peculiar beast. You would think that in the midst of a worldwide pandemic that has seen Australia’s economy crash by 7%, and around one in five Australians either unemployed or desiring more hours that house prices might take a tumble. But no.

This week the bureau of statistics released the latest residential property price index which shows that across the nation’s capital cities, property prices fell 1.8% in the June quarter. And sure, that might sound like a lot – perhaps even that there is a major market correction. But it is not even the biggest one quarter fall in the past two years, let alone anything like the record falls we have seen in other parts of the economy.

And despite that one quarter fall, residential property prices remain well above what they were a year ago:

Every capital city except Canberra saw prices fall in June – with Sydney and Melbourne the biggest falls. And yet in every capital city except Darwin prices are above what they were a year ago – with Sydney and Melbourne having the biggest rises:

Now sure, you might think that these figures look at the past and are thus not reflective of what is........

© The Guardian

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