For decades, rising housing prices have provided a sizable proportion of the nation’s homeowners with a comforting sense of security and achievement, that despite the fact the economy and household finances were no longer meaningfully improving, something was still going their way.
But as the housing downturn continues, the force that was not long ago acting to support the psyches and consumption of many of the nation’s households is acting in the other direction, potentially placing a major brake on household consumption growth on the road ahead.
After several rounds of revisions and an acceleration downward in home prices, the loss leader on a rolling 30 day basis is now Brisbane (including the Gold Coast), which recently recorded a loss of 2.22% on this metric.
The full text of this article is available to MacroBusiness subscribers
