House prices crash 30pc in doomsday scenario

Original article by James Kirby
The Australian – Page: 20 : 14-May-20

The Commonwealth Bank of Australia has warned that house prices could fall by 32 per cent over the next three years if there is a prolonged economic downturn. This worst-case scenario is based on the unemployment rate exceeding nine per cent. CBA’s base case downturn scenario is for house prices to fall by 11 per cent. The bank has identified unemployment, underemployment, changes to income and house prices as the key drivers for the housing market.


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