Monthly house price data from CL, biggest m/m rise since April 2017
After 2 years of pretty consistent falls (eagle-eyes will note there was a rise last month)
- Capital city prices +1.0% in August
- For Australia in total +0.8%
- Sydney +1.6%
- Melbourne +1.4%,
CoreLogic comment:
- "It's likely that buyer demand and confidence is responding to the positive effect of a stable federal government, as well lower interest rates, tax cuts and a subtle easing in credit policy."
At the margin this will be viewed as a boost to household wealth, which should help consumer confidence and thus support spending and consumption
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This sort of result should be another reason the RBA will remain in monitoring mode for now.