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New South Wales is close to recession and the housing market at risk of a serious downturn, Westpac senior economist Matthew Hassan told a seminar yesterday.
“We are at the very least heading for a technical recession,” Mr Hassan said, according to the Australian Financial Review.
“NSW is far and away the weakest state in terms of growth, with consumer spending very weak,” he said.
Mr Hassan said the expectations that unemployment will rise was a “huge risk factor” for the residential property market.
“The real risk is a substantial weakening in the labour market, prompting defaults and forced sales in a market that is already vulnerable,” he said.
Published: 25-09-08
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