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19 September 2008

Property Market Outlook

From the minutes of the last meeting of the Reserve Bank board.
"In the housing sector, data on building approvals for July, which were released during the meeting, indicated no change in the current downward trend in housing activity. Information on house prices suggested that average nationwide prices had fallen over the three months to July. Other indicators of activity in the secondary housing market had remained subdued."
Later on they say..
"investment spending had been strong and surveys of investment intentions indicated it would rise further in the year ahead. Overall, the picture seemed to be one of weak consumption and strong investment, but with aggregate growth of demand slowing. Members noted also that there was still considerable stimulus to domestic activity coming from the external sector. The run-up in commodity prices had increased Australia’s terms of trade, adding substantially to national income and capacity to spend. Looking ahead, however, the world economy was slowing and it was therefore unlikely that the external stimulus to Australia would be as strong in the year ahead."


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