Sydney, Melbourne house prices facing 10 per cent fall: CBA | swrighteconomy
"The extent to which prices fall will largely be determined by the magnitude of the lift in unemployment and the length of time that the government-imposed restrictions on day-to-day activity remain in play."
"The NSW and Victorian economies have more exposure to the most heavily impacted services sectors and less exposure to some of the more insulated sectors ," he said. released on Thursday showed unemployment edging up marginally to 5.2 per cent. However, the survey was taken in the first half of the month, before firms started standing down their workforces.Mr Aird said the labour market shock facing the country was a key reason behind the bank's forecasts.
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