Housing market: ANU report reveals grim sign for house prices
Property experts are bracing for a sharp fall in housing prices after a new report confirmed the coronavirus crisis led to the number of Australians unable to pay their rent or mortgage on time more than doubling.
A survey from the Australian National University revealed those who were unable to service regular housing costs surged from 6.9 per cent to 15.1 per cent from April to May.
It’s well documented younger generations are more vulnerable to economic shocks and this demographic is suffering as the nation slides into its first recession in nearly 30 years.
“What’s also worrying is that young adults are experiencing very high rates of housing stress, with 44 per cent of people aged 18 to 24 years unable to pay their rent on time,” study co-author Professor Matthew Gray said.