Figure 1. Businesses adversely impacted by Coronavirus, current and expected, by industry, March 2020. (Source: ABS)
Figure 2. Businesses adversely impacted by Coronavirus, current and expected, by employment size, March 2020. (Source: ABS)
Figure 3. Businesses adversely impacted by Coronavirus, current and expected, by type of impact, March 2020. (Source: ABS)

During the Coronavirus outbreak, ABS has conducted a survey on the impact of the virus on Australian businesses. Results were released on 26th March 2020 (Figure 1 – 3).

Based on survey results and the data that we have collected first hand, it is certain that the Australian economy is in recession. As a part of the economy, the property market is slipping down as well.

The Australian property market is driven by demand. In this ressession, people are losing jobs, businesses are closing down, immigration has paused, even public auctions and open for inspections are banned. The demand is quickly shrinking. We will see property price and number of transactions drop in the foreseeable future. Government’s policy in the coming a few weeks determines how long and how bad this property market recession will be.