Property sees “rush to sell”…too late

The AFR says 20% falls in the offing:

Dr Oliver said his base case was for an increase in unemployment to 7.5 per cent that would prompt a 5 per cent decline in property prices before a bounce back. But it could be worse, he warned.

“A sharp rise in unemployment to say 10 per cent or beyond risks resulting in a spike in debt servicing problems, forced sales and sharply falling prices,” he said.

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