The strength of bricks and mortar barely faltered during the pandemic recession, with property prices edging lower briefly in the biggest cities in 2020 before rising in both capital cities and regional centres.
At the height of the crisis last year, housing price decline of 10%, 20% or more was predicted amid fears of a fiscal cliff in September 2020 when income support measures were due to end. But, income support measures were extended for another six months with tapered payments from October.
JobKeeper will end by 28 March, while JobSeeker payments are set to be reduced.
EY Oceania chief economist Jo Masters acknowledges the pain to come for those who will lose work, but believes it will have little or no implications for a housing market that continues to gather pace.