Housing slump starts to ripple through Australian economy

A billboard for a housing project, with the Melbourne skyline in the distance. Despite stable price rises last month, property values across Australia have plunged since their peak about two years ago.
A billboard for a housing project, with the Melbourne skyline in the distance. Despite stable price rises last month, property values across Australia have plunged since their peak about two years ago.PHOTO: REUTERS

Slight uptick after recent rate cuts but unclear if rebound strong enough to revive property sector

Australia's property downturn has been one of the steepest on record - and it is starting to have serious ripple effects across the entire economy.

Despite stable price rises last month, property values across the country have plunged since their peak about two years ago.

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A version of this article appeared in the print edition of The Straits Times on August 12, 2019, with the headline 'Housing slump starts to ripple through Australian economy'. Print Edition | Subscribe