April in Australia saw the biggest monthly decline in employment with a loss of 594,000 jobs. The Commonwealth Bank is the latest lender to model bearish house price falls, warning that a second wave of Covid-19 infections could cause house prices to drop by as much as 32 per cent, according to an article in The Urban Developer (14 May 2020). But some economists predict house prices may go up in 2020 if foreign buyers come back into the market. "Australia has so far managed the pandemic well and looks even more appealing to foreign buyers than in the past," said Juwai IQI executive chairman Georg Chmiel.
