The Australian dollar has fallen against the dollar since the U.S. presidential election, and its decline has led to a dramatic rise in house prices in Australia.
According to an Australian-owned property website, the average price of a detached house in the country has risen by more than 10% since the election, jumping from $5.9 million to $8.3 million.
The Australian dollar fell against the greenback as investors worried about Donald Trump’s presidency and his threat to withdraw from the Trans Pacific Partnership, the international trade deal.
Trump is threatening to pull out of the pact unless it contains major changes, such as a ban on tariffs.
While the U and U.K. remain the dominant global currencies, Australia has been a victim of the global recession.
The Australian economy contracted by 7.7% in the first quarter of 2019, which was almost double the country’s 6.4% growth during the same period last year.
Australia’s unemployment rate stood at 13.4%, with one in three Australians unable to find work.