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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Will rising unemployment threaten the housing market?

By Cameron Micallef

December 03 2019
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Will rising unemployment threaten the housing market?

By Cameron Micallef
December 03 2019

Sydney’s and Melbourne’s surge in property prices is under threat from higher unemployment, a leading economist has warned.

Will rising unemployment threaten the housing market?

By Cameron Micallef

December 03 2019
Share

Sydney’s and Melbourne’s surge in property prices is under threat from higher unemployment, a leading economist has warned.

According to AMP capital’s Dr Shane Oliver, unemployment will be critical to the outlook for housing.

If it picks up significantly in response to slow economic growth, then it will be a big constraint on house prices and could result in forced property sales and another leg down in property prices.

“A sharp rise in unemployment is not our base case but is the key downside risk in terms of the property outlook. But we do see weak economic growth and an [upward] drift in unemployment ultimately constraining property prices gains.”

Australian capital city dwelling prices rose 2 per cent in November, according to CoreLogic, their strongest monthly increase since September 2003. After a 10.2 per cent decline over 21 months, average prices have now had their fifth rise in a row.

Sydney dwelling prices surged 2.7 per cent and Melbourne prices rose another 2.2 per cent, the sixth gain in a row for both cities.

Mr Oliver said Sydney prices have now risen 8.2 per cent from their May low and have recovered 46.5 per cent of the fall since their 2017 high.

“Melbourne prices have now risen 8.3 per cent from their May low and have now recovered 66.6 per cent of the fall since their 2017 high,” he said.

“Our base case remains that after an initial bounce, house price gains will be more constrained than what we saw through the 2012-17 property price boom. Compared to past recovery cycles, household debt-to-income ratios are much higher, bank lending standards are much tighter, there are still more units to hit the Sydney and Melbourne property markets, and unemployment is likely to drift up as overall economic growth remains weak,” the chief economist concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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