What is saving houses from COVID-19?
The COVID-19 pandemic has had a devastating impact on the Australian economy, however house prices remain largely unaffected. So what is keeping houses in an incubator?
The chart shows the limited declines in the value of Australian housing during the pandemic. Prices are in decline, but not nearly to the levels expected even by the big banks.
Australia's banks, who own much of the debt associated with housing have been active in protecting house prices.
Government has also played a significant role.
Combined their actions have kept prices steady.
The banks have delivered a moratorium on mortgage payments for people in financial difficulty due to the crisis.
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