{"id":15013,"date":"2020-05-25T13:50:57","date_gmt":"2020-05-25T03:50:57","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15013"},"modified":"2020-05-25T14:44:31","modified_gmt":"2020-05-25T04:44:31","slug":"property-will-be-okay-2020","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/property-will-be-okay-2020\/","title":{"rendered":"Why I think the property market and economy will be okay"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15015\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/property-will-be-okay-2020\/property-will-be-ok-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"property-will-be-ok-email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?resize=1000%2C250&#038;ssl=1\" alt=\"Property will be ok\" class=\"wp-image-15015\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/property-will-be-ok-email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>There have\nbeen a number of economists and commentators who have predicted that property\nvalues will fall anywhere between 10% and 32% this year. It seems like it\u2019s\nalmost become a competition for who can be the most bearish. <\/p>\n\n\n\n<p>However, my\nview is a lot less bearish. I believe property values won\u2019t fall by more than\n10% and it\u2019s quite possible that they might not fall at all. <\/p>\n\n\n\n<p>You could be excused for thinking that I\u2019m an unrealistic property optimist, but I promise that is not the case. Of course, all assets can fall in value and I have <a href=\"https:\/\/wealthcoach.com.au\/stage\/not-all-information-is-useful-information\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">written about the four key drivers<\/a> to watch out before here. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/660203?theme=light&#038;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">What is needed for property prices to fall by more than 10%<\/h3>\n\n\n\n<p>The\npredictions of property value declines are usually premised on the assumption\nthat there will be more sellers than buyers. And perhaps some of those sellers\nare financially distressed, need to sell quickly and as such will drop their\nprice to secure the sale. The occurrence of forced selling tends to weigh on\nproperty sentiment and the negative spiral begins. <\/p>\n\n\n\n<p>However, the\nfact is that people will fight hard to avoid having to sell their home. It is\ntheir \u2018castle\u2019 and it\u2019s that last thing they want to do. At the moment, banks\nare allowing borrowers to pause their repayments for up to six months. This avoids\nthe need to sell a property of you are in financial strife. However, these\nrepayment pauses will expire around September. This is also when JobKeeper\npayments are expected to cease and many people are worried about the impact. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What happens after September? <\/h3>\n\n\n\n<p>Firstly,\nwe have to remind ourselves that most people haven\u2019t been materially adversely\nimpacted by the Covid shutdown. Our research (survey size of 451 people from\nvarious employment arrangements and ages) suggests that two thirds of people have\nexperienced an income reduction of less than 15% &#8211; many haven\u2019t been impacted\nat all. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" data-attachment-id=\"15011\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/impact-on-income\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?fit=600%2C400&amp;ssl=1\" data-orig-size=\"600,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Impact on income\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?fit=600%2C400&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?resize=600%2C400&#038;ssl=1\" alt=\"Impact on income\" class=\"wp-image-15011\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?w=600&amp;ssl=1 600w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Impact-on-income.png?resize=300%2C200&amp;ssl=1 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Of the\npeople that have been impacted by Covid-19, almost two thirds of them expect to\nrecover their income back to pre-Covid levels within the next 12 months. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" data-attachment-id=\"15008\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/time-to-recover\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?fit=600%2C400&amp;ssl=1\" data-orig-size=\"600,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Time to recover\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?fit=600%2C400&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?resize=600%2C400&#038;ssl=1\" alt=\"how long to recover\" class=\"wp-image-15008\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?w=600&amp;ssl=1 600w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Time-to-recover.png?resize=300%2C200&amp;ssl=1 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Some people will need more support<\/h3>\n\n\n\n<p>Notably, 8%\nof respondents said that they were not confident that they could successfully\nservice their loan repayments after September 2020. It is this group of people\nthat may need additional support from the government and banking sector. &nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"370\" data-attachment-id=\"15009\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/make-rmpts-post-sep\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?fit=600%2C370&amp;ssl=1\" data-orig-size=\"600,370\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Make rmpts post sep\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?fit=300%2C185&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?fit=600%2C370&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?resize=600%2C370&#038;ssl=1\" alt=\"loan repayments \" class=\"wp-image-15009\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?w=600&amp;ssl=1 600w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Make-rmpts-post-sep.png?resize=300%2C185&amp;ssl=1 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>If a\nborrower is unable to resume making normal loan repayments the bank will have\nto assess how long it may take the borrower to recover their income. If the\nbank believes it will take less than say a year, then I expect it would be very\nwilling to agree to alternative repayment terms, which may include a second (full\nor partial) repayment pause period. In fact, the banks might formulate policies\ntargeting specifically industries e.g. additional support for people that work\nin hospitality and tourism.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.abc.net.au\/news\/2020-05-23\/interest-only-home-loan-reprieve-coming-from-banks\/12276196\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Westpac recently announced<\/a> last week that it will allow borrowers impacted by Covid to switch from principal and interest repayments to interest only repayments for up to 12 months \u2013 avoiding the normal credit approval processes. I expect other banks will follow suit. <\/p>\n\n\n\n<p>Banks will\nonly force a borrower to sell their property if they believe it\u2019s the only way it\ncan get its money back. Foreclosing is usually a banks last resort, particularly\nin a post Royal Commission environment. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">And it is very likely that there will be more targeted stimulus <\/h3>\n\n\n\n<p>The\ngovernment closed down the economy to curb the spread of the virus. Most of the\npeople that find themselves in financial hardship are in that situation as a\nresult of circumstances beyond their control. As such, the government\u2019s\napproach has been to help them through this, and I think that approach will\ncontinue beyond September. <\/p>\n\n\n\n<p>Now that the government has \u201cfound\u201d an extra $60 billion as a result of their <a href=\"https:\/\/www.abc.net.au\/news\/2020-05-24\/coronavirus-jobkeeper-wage-subsidy-josh-frydenberg-60-billion\/12280716\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">JobKeeper bungle<\/a>, I feel it is very likely that the federal governments will provide further targeted stimulus (i.e. targeted to specific industries or demographics). This will be aimed at the sectors that have been hardest hit thereby further minimising mortgage defaults. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">There is still enough underlying demand for property <\/h3>\n\n\n\n<p>Interestingly,\n6 out of 10 people that intended to purchase a property during 2020 still plan\nto do so this or next year, which suggests there should be an adequate level of\nbuyer demand to support sales volumes. Reports from clients and my own personal\nexperience suggests that in some segments demand is almost just as robust as it\nwas at the beginning of the year. Quality assets are still attracting a lot of\ninterest. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Many of the people that have been heavily impacted probably aren\u2019t homeowners\n<\/h3>\n\n\n\n<p>Obviously,\nsome industries have been impacted by the lockdown more than others. These\ninclude recreation, travel, retail, accommodation and food services. <\/p>\n\n\n\n<p>According\nto ABS data, people employed by these sectors earn between one third to one\nhalf of Average Weekly Earnings. That is, they are some of the lowest paid\nworkers in the economy. Lower income earners tend to have lower rates of home\nownership. That stands to reason because their financial capacity to save a\ndeposit and qualify for a mortgage is below average. <\/p>\n\n\n\n<p>Therefore,\npeople employed by these sectors are more likely to be renters than homeowners\nand therefore are less likely to contribute to property buying and selling\nselling activities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">When will consumer spending return to normal?<\/h3>\n\n\n\n<p>Consumer\nspending accounts for almost 60% of Australia\u2019s GDP, so it\u2019s important\ncomponent of our economic recovery. The big question is will consumer spending\nbound back after the shutdown restrictions are lifted? <\/p>\n\n\n\n<p>We must\nremind ourselves that this economic slowdown was caused by a contraction of supply,\nnot consumer demand. Of course, unfortunately, some people and businesses have\nsuffered serve financial loss as a result. And their consumer demand will be lower.\nHowever, there is also a large cohort that have avoided any negative impact and\ntheir spending power remains intact or, in some situations, enhanced. &nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" data-attachment-id=\"15010\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/future-spending\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?fit=600%2C400&amp;ssl=1\" data-orig-size=\"600,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Future spending\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?fit=600%2C400&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?resize=600%2C400&#038;ssl=1\" alt=\"Discretionary spending\" class=\"wp-image-15010\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?w=600&amp;ssl=1 600w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/Future-spending.png?resize=300%2C200&amp;ssl=1 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>This is\nreflected in the fact that 45% of survey respondents indicating that their\nspending levels will return to pre-Covid-19 levels once restrictions have been\nlifted. And 40% of people indicated that they will spend a little less. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">But there is little in the way of pent up demand <\/h3>\n\n\n\n<p>I thought\nthere might also be an amount of pent-up demand resulting from people being\nlocked in their homes unable to spend on their usual entertainment and leisure\nactivities. However, somewhat surprisingly, only 5.5% of respondents indicated they\nwill initially spend more than they usually do. <\/p>\n\n\n\n<p>However, on the whole, this data suggests consumer demand should bounce back relatively quickly and the flow on effect to the economy and consumer sentiment will be positive. The Westpac-Melbourne Institute Index of Consumer Sentiment enjoyed it biggest monthly gain in May since the survey began nearly 50 years ago (see <a href=\"https:\/\/www.westpac.com.au\/content\/dam\/public\/wbc\/documents\/pdf\/aw\/economics-research\/er20200513BullConsumerSentiment.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">here<\/a>).&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Of course, there are downside risks<\/h3>\n\n\n\n<p>There are\ntwo main housing-related downside risks in my view. The first one is a second\nwave of infection that results in lockdown measures being reinstated. That\nwould have severe economic repercussions and definitely weigh on housing values\nto a material extent. However, that risk seems to have abated over the past few\nweeks. Australia\u2019s virus control is the envy of many countries and in the long\nrun, will make Australia an even more attractive immigration destination. <\/p>\n\n\n\n<p>The second risk is money supply, specifically, the lending volumes. As I have cited previously (<a href=\"https:\/\/wealthcoach.com.au\/stage\/borrowing-capacity-increased\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">see chart in this blog<\/a>), there is a direct link between lending volumes and property price growth. At the moment, banks are experiencing operational bottlenecks caused by significant increase in workflow and the fragmentation of Australian and offshore staff. For example, ANZ recently confirmed that it takes it more than 3 weeks before it even looks at a new application. It might take the banks a few months (at best) to resolve these operational issues. In the meantime, lending volumes will be negatively impacted. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The news is not all bad <\/h3>\n\n\n\n<p>Currently,\nthere is a lot of negative sentiment about the property market and Australian\neconomy generally. <\/p>\n\n\n\n<p>No one\nreally knows what will happen over the next few months, including me, of course.\n<\/p>\n\n\n\n<p>However, in the long run, investment-grade property market fundamentals are largely intact, which I think is my most important point. <\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<hr class=\"wp-block-separator\"\/>\n<\/div><\/div>\n\n\n\n<p>An edited version of this blog appeared in <em>The Weekend Australian<\/em> on 22 May 2020 (<a href=\"https:\/\/www.theaustralian.com.au\/business\/wealth\/gloomy-property-projections-are-overdone\/news-story\/44f816c6d3087203e9efabc95ccfca58\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"here (opens in a new tab)\">here<\/a>).<\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>There have been a number of economists and commentators who have predicted that property values will fall anywhere between 10% and 32% this year. It seems like it\u2019s almost become&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[18],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why I think the property market and economy will be okay<\/title>\n<meta name=\"description\" content=\"Why I think the property market and economy will be okay. The projections and expectations in respect to proprty prices linked to Covid are too bearish.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why I think the property market and economy will be okay\" \/>\n<meta property=\"og:description\" content=\"Why I think the property market and economy will be okay. 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