https://www.abc.net.au/news/2020-05-01/coronavirus-australia-house-price-effect-minimal-so-far/12201062

a)Explain what has happened in Australian housing market in terms of demand, supply and the equilibrium price. Draw a clearly-labelled diagram to illustrate this. Be sure to explain which curve has shifted to what direction and the impact on the equilibrium price and quantity. (4 marks)

b)Given what has happened in the housing market, what is the impact on the market for building and pest inspection services? Using appropriate diagrams to illustrate this. (2 marks)

c)According to Mr. Lawless, what are the two reasons that regional markets outperformed Melbourne and Sydney markets? (2 marks)

d)How do six-month wage subsidies and bank payment deferrals help to protect the housing market? (2 marks)