Meanwhile retail sales grew at 11.8% which was the weakest rate of growth in 8 years.
Industrial production also slowed to 8.6%, also the weakest rate of growth in almost half a decade.
A little closer to home (for me anyway) I recently saw an article which said that house in parts of Stoke-on-Trent in England were selling for only one pound sterling.
As recently as a couple of decades ago the coal mines in Stoke were shattering production volume records, having undertaken a huge ramp-up through the post war years.
And while reading news articles over the past decade or two might certainly have turned the hairs of a few property investors grey (or perhaps just made them fall out), the reality has been that investors in cities like Sydney and London have done very well as the respective populations continue to grow (by around half a million persons per decade in Sydney's case).
As Chris Joye tackled in this article here, Sydney and Melbourne are expected to grow in size by some 80% over the coming decades, with populations growing to more than 8 million.
We know that supply in property tends to come in waves cyclically, but it appears wise to focus on areas where it is assured that demand from population growth will grow strongly over the long term.