Eliza Owen, Head of Research Australia at CoreLogic, has released new research examining the likely impact of the end-March withdrawal of the JobSeeker coronavirus supplement on Australia’s property markets.
Owen provides a fairly sanguine assessment, noting that JobSeeker has already been tapered significantly since late September without any detrimental impact on the property market. To the contrary, property values have entered a new boom phase (see next chart).
Accordingly, Owen concludes that “changes to JobSeeker would likely have little direct impact on housing market values”. This is because “lower income households generally [have] lower rates of home ownership, [therefore] it is more likely that households receiving JobSeeker are renters”.
