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2020 will be a year to remember. For the first time in 29 years, Australia slipped into a recession as its economy suffered the furious onslaught of Covid-19 and impact of massive bushfires, combined. Nearly 1 million people lost their jobs and the economy shrank by 7%, ending an extraordinary, uninterrupted economic growth run of almost 3 decades.
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The property market is back in action. Last week, the British Government announced that people could once again view properties following a market standstill in March, due to the Covid-19 lockdown.
The recent Covid-19 pandemic has sent stock markets across the world reeling. US futures and Asian stocks tanked as policymakers worldwide took dramatic steps to cushion the economic blow caused by the outbreak.
The US Federal Reserve and Bank of England slashed interest rates to a historic low of near-zero, with the former launching a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus.
Investors are having concerns over the volatility of the property markets, as many countries go into full or partial lockdown to deal with the spread of the coronavirus.
But how much of an impact could current health fears actually have on house prices? The stock markets have fallen dramatically, but compared to property, stocks are largely driven by sentiment.
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