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Last week I told you HERE , how, in the 1973 Oil Shock, oil prices went from $4 to $12 in 18 months and what effect that had on inflation, mortgage rates and how Sydney and Melbourne house prices went up significantly. So lets now look at the second oil shock in 1978: Oil Price Sydney % Growth Inflation Sydney Real % Growth Mortgage Rates 1978 14 6.5% 8% -1.5% 10.5% 1979 25 9.8% 9% 0.8% 11% 1980 37 15.6% 10% 5.6% 12.5% In 1978 Oil prices went from $14 to $25 the following yea