Coronavirus: Description video
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Drug company Pfizer announced on Monday night that its COVID-19 vaccine may be 90 per cent effective in stopping the virus — so how will this affect the property market in 2021? Find out in this video.
According to https://theconversation.com/1-4-million-less-than-projected-how-coronavirus-could-hit-australias-population-in-the-next-20-years-143544
"Our analysis of Australian Bureau of Statistics data shows, the closure of Australia’s borders led to a 97% drop in permanent and long-term overseas arrivals in April 2020 from the previous year, most of whom were migrants."
00:00 How the COVID vaccine will MASSIVELY affect the Property Market 
00:34 Pfizer 90% effective at preventing COVID-19
01:15 Demographics and property
01:42 Up to 4% reduction in Australia's population
02:11 Migration and housing demand
03:00 What happens if borders open up
03:13 Australian property market trends
03:30 Credit growth vs property growth
03:45 Fact v fiction
03:54 How it will affect property in 2021
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What’s the go with the vaccine?
* The Pfizer trial is one of four potential vaccines the Australian Government has signed an agreement to purchase, if it is successful.
Before I jump into what the covid vaccine will mean for property, What influences property prices in Australia?
According to a paper published https://eprints.usq.edu.au/4614/2/Rahman_2008.pdf
The major long term factors that influences Australia’s property prices are:
* Demography - Demographic factors significantly affect housing prices in the long run. Increasing population growth increases the number of households in a country which in turn increases the housing demand and thus housing price
* Economic growth - positive relationship exists between household income and housing demand. In a country like Australia the income elasticity of demand for housing is likely to be one or greater (Berry & Dalton, 2004 quoted from Bourassa & Hendershot, 1995; Meen & Andrew, 1998). So the demand for housing increases at least proportionately with income. The long term trend in real income is important in explaining house price.
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