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4 Oct 2013
Flash: NZ property bubble moving into Australia? - Westpac
FXstreet.com (Barcelona) - According to Westpac, there are signs that indicate the housing market in Australia is picking up, with the Bank's Economists noting "the last few months have seen a significant shift in Australia's housing markets with a surge in auction activity and signs of a quickening in price growth."
Key Quotes
"The recovery, which up until now has been a mediocre, uneven affair that has been slow to respond to lower interest rates, may finally be gaining momentum. The latest auction data is unambiguously strong."
"Clearance rates are available up to the most recent weekend and are easily the most timely real data on housing markets."
"They show a big surge over the September quarter with a 70% clearance rate nationally and the September month clearance rate in Sydney of 78% a record high."
Key Quotes
"The recovery, which up until now has been a mediocre, uneven affair that has been slow to respond to lower interest rates, may finally be gaining momentum. The latest auction data is unambiguously strong."
"Clearance rates are available up to the most recent weekend and are easily the most timely real data on housing markets."
"They show a big surge over the September quarter with a 70% clearance rate nationally and the September month clearance rate in Sydney of 78% a record high."