As Sydney deals with unprecedented lockdowns due to COVID, activity in the economy and property market has stalled. The property market which has boomed since the beginning of 2021 has performed better than the economy during the lockdown.
The ASX also gives no hint as to the drama playing out in the real economy. The ASX hit a record high in July 2021 as the COVID lockdowns gripped Sydney. Only time will tell how long markets can persevere in these conditions.