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Reserve Bank Warns House Prices Could Fall 40% as COVID-19 Smashes the Economy and Causes a Surge in Unemployment

The Reserve Bank of Australia is warning a 40 per cent fall in house prices is ‘plausible’ as coronavirus pushes up unemployment to 1990s levels.

Even before the COVID-19 crisis, Australia already had the world’s highest household debt levels after Switzerland.

A surge in unemployment to double-digit levels unseen since 1994, as a result of from coronavirus trading restrictions, is set to force struggling home borrowers to sell.

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