The property market is set to roll on full steam ahead despite economic support measures coming to an end from this week, defying long-held worries about a looming fiscal cliff, according to top economists.
The strength of bricks and mortar barely crumbled during the pandemic-induced recession, with property prices edging lower briefly then soaring in major cities and regional towns – flying in the face of forecasts.
At the height of the crisis last year, housing price drops of 10 to 20 per cent were predicted amid fears of a fiscal cliff in September when income support measures were due to end.
But that never happened. Instead of turning off overnight, income support measures were extended for another six months with tapered payments from October.