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What\u2019s happening on the other side of the world is horrific, and the humanitarian and economic impact will be long-lasting, but what will it mean for Australia\u2019s economy and our local property markets?<\/strong><\/p>\n Only yesterday I was shocked to read the headline \u201cProperty prices set to tumble 15% as Ukraine crisis bites.\u201d<\/em><\/p>\n It seems like the media and many commentators are looking for an excuse, any excuse, to explain why our property markets are going to crash.<\/p>\n Remember a couple of years ago it was the fiscal cliff we were going to fall off, then in was massive unemployment and more recently surging inflation and interest rates that would cause our property markets to implode.<\/p>\n And this is despite history showing us otherwise \u2013 that our housing markets are remarkably robust and resilient.<\/p>\n And that\u2019s despite a long history of Australia\u2019s property markets generally performing well during major economic, military, and terrorist crises.<\/p>\n It seems these forecasts don\u2019t seem to take into consideration the strength of the Australian economy, the shortage of good housing in Australia which will soon be challenged by a flood of incoming migrants, and the resilience of our housing markets and the Australian banking system.<\/p>\n![\"Price](\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/price-falls-300x193.jpg\")
<\/p>\n![\"Market](\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2022\/03\/market-crash-300x200.jpg\")
But now AMP has suggested that the fallout from the Russian invasion of Ukraine could slow Australian residential property sales, increase inflationary pressure and cause a downturn in housing values of about 15%.<\/p>\n