{"id":33689,"date":"2020-07-23T00:16:46","date_gmt":"2020-07-22T14:16:46","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?p=33689"},"modified":"2020-07-23T09:42:42","modified_gmt":"2020-07-22T23:42:42","slug":"no-need-to-panic-on-unemployment-figures","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/real-estate\/no-need-to-panic-on-unemployment-figures\/","title":{"rendered":"No need to panic on unemployment figures"},"content":{"rendered":"

Property Investment Professionals of Australia (PIPA) chair Peter Koulizos said that there is no need to panic with the recent release of unemployment figures.<\/strong><\/p>\n

\u201cHomeowners and property investors should take comfort in the resilience of real estate during previous economic upheavals.
\n\u201cThe unemployment rate of 7.4 per cent for June was not unexpected and is set to increase over coming months,\u201d Mr Koulizos said.
\n\u201cHowever, the number of employed persons increased at the same time with more people seeking work around the nation last month as restrictions started to ease in many locations.
\n\u201cThe unemployment rate has been trending down for the past four decades, so it\u2019s likely that we will see an unpalatably high number in coming months.
\n\u201cIt\u2019s important to remember that our economy and property markets have survived recessions before and will do again this time, too.
\n\u201cIn fact, we are better placed than in previous downturns because of the many financial support packages, such as JobKeeper<\/a>, JobSeeker and JobTrainer as well as the mortgage repayment pauses available for borrowers.
\n\u201cHomeowners and property investors should be reassured by the fact that, historically, real estate has endured through previous economic upheavals.
\n\u201cRecent PIPA research found that five years after each of the four recessions or economic downturns since the early 1970s, capital city house prices often increased significantly.
\n\u201cIn fact, looking back over the past nearly 50 years, house prices were higher five years after a recession or downturn each time.
\n\u201cProperty has shown its resilience through economic shocks before and we have no reason to expect it won\u2019t do so again so there is no need to panic.\u201d\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n
5 years <\/strong><\/td>\nSydney <\/strong><\/td>\nMelbourne <\/strong><\/td>\nBrisbane <\/strong><\/td>\nAdelaide <\/strong><\/td>\nPerth <\/strong><\/td>\nHobart <\/strong><\/td>\nDarwin <\/strong><\/td>\nCanberra<\/strong><\/td>\n<\/tr>\n
ending <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n% <\/strong><\/td>\n%<\/strong><\/td>\n<\/tr>\n
1980<\/td>\n100.7%<\/td>\n37.6%<\/td>\n49.7%<\/td>\n37.7%<\/td>\n64.7%<\/td>\n40.2%<\/td>\nN\/A<\/td>\n33.0%<\/td>\n<\/tr>\n
1988<\/td>\n64.1%<\/td>\n67.7%<\/td>\n20.4%<\/td>\n31.3%<\/td>\n61.9%<\/td>\n51.8%<\/td>\nN\/A<\/td>\n20.2%<\/td>\n<\/tr>\n
1996<\/td>\n16.0%<\/td>\n3.1%<\/td>\n23.3%<\/td>\n5.9%<\/td>\n27.3%<\/td>\n20.5%<\/td>\n47.3%<\/td>\n11.6%<\/td>\n<\/tr>\n
2014<\/td>\n39.7%<\/td>\n18.5%<\/td>\n6.9%<\/td>\n7.1%<\/td>\n11.4%<\/td>\n1.7%<\/td>\n16.6%<\/td>\n8.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Property Investment Professionals of Australia (PIPA) chair Peter Koulizos said that there is no need to panic with the recent release of unemployment figures. \u201cHomeowners and property investors should take comfort in the resilience of real estate during previous economic upheavals. \u201cThe unemployment rate of 7.4 per cent for June was not unexpected and is […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":29,"featured_media":33690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"post_folder":[],"class_list":["post-33689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nNo need to panic on unemployment figures - Geelong Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/real-estate\/no-need-to-panic-on-unemployment-figures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No need to panic on unemployment figures - Geelong Times\" \/>\n<meta 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