What is it about?
As in many other nations, the Australian Government implemented monetary and fiscal policies in response to the COVID-19 pandemic to aid economic recovery and assist first-home buyers (FHBs) in entering the housing market.
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Why is it important?
The results found COVID-19 economic responses counterproductive for FHBs, pushing them to a more disadvantaged position due to an overheated property market. In addition, since the onset of the pandemic, property prices have risen significantly, exacerbating housing inequality as FHBs increasingly rely on intergenerational family support, take on more financial risk, and relocate to regional areas due to fear of missing out.
Perspectives
The study highlights the need for macroeconomists and housing policymakers to consider these unintended consequences in formulating policies that minimise the adverse effects of economic stimulus measures.
Mustapha Bangura
University of Technology Sydney
Read the Original
This page is a summary of: The Unintended Consequences of COVID-19 Economic Responses on First Home Buyers? Evidence from New South Wales, Australia, Buildings, May 2023, MDPI AG,
DOI: 10.3390/buildings13051203.
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