Further signs of cooling in the Australian housing market

Australia's April CoreLogic house price index falls 0.3% m/m

It's not a data point that many focus on or pay attention to but it is the little things that build up the big picture.

Property prices fell for a seventh straight month - with Sydney's previously hot market continuing to show signs of cooling off (down 3.4% y/y). Meanwhile, the capital city aggregate fell 0.3% y/y - the first time that has happened since 2012.

New credit measures by the APRA are clearly taking effect and the trend that we're seeing now in the Australian housing market is completely the opposite of what we're used to over the last few years. Although household debt remains relatively elevated, this should at least be a welcome sign by the RBA.