Sydney and Melbourne are the most vulnerable to sharp property price falls, according to HSBC, as the coronavirus turns off the migration tap

From businessinsider.com.au

As the country’s population has swelled, growing demand has helped put a floor under property prices. However, with COVID-19 effectively turning off the migration tap for the first time in decades, it threatens to leave the country’s biggest two markets without one of their key drivers: people. “Although interest rates are at record lows, which should support housing prices, at the same time, the COVID-19 economic shock, stalled migration and rising unemployment are set to weigh on housing demand,” HSBC economists Paul Bloxham and Daniel Smith wrote in a note. While acknowledging “forecasting house prices ... (full story)