House Price Growth Slowing

Reserve Bank of Australia board members have noted the ongoing strength in the housing market, but sense momentum is slowing.

RBA October board minutes included;

  • Dwelling investment had increased by more than 8% over the year to the June quarter.
  • House price growth had been a little slower, on average, over 2014 than in late 2013.
  • Over the previous six months, overall housing credit growth had been steady at around 7% in annualised terms, but members noted that growth of investor credit had increased to close to 10%.
  • Growth in dwelling investment had been strong.
  • Mining and non-mining business investment in aggregate had fallen over the year.
  • Unemployment rate in August had retraced the sharp rise recorded in July to be close to 6 per cent.
  • Forward-looking indicators had picked up a little, but still pointed to only modest employment growth over the coming months.

 

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Posted in: Property market

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