Sluggish consumer confidence and subdued property price growth has encouraged the Reserve Bank of Australia to leave the official cash rate on hold.
- Consumer sentiment fell by 4.6 per cent in September.
- Despite being virtually flat in September - dwelling values are now 9.3 per cent higher over the 12 months to the end of September, with every capital city recording an increase in dwelling values over this time.
- Auction clearance rates are continuing to beat the 70 per cent mark week after week.
Moving forward, we expect this positive housing data combined with the sluggish consumer sentiment will encourage the Reserve Bank to continue to leave rates on hold.
New data suggests the Australian economy is performing strongly – the property market continues to perform well and the Australian dollar has fallen significantly since the start of September, which will help to support Australia’s rebalancing act
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