Housing rebound
There's been some strange reporting (to say the least) of the housing market rebound since the election.
CoreLogic's data - which was treated with near-reverence through two years of housing price declines - was dismissed by some as untrustworthy as soon as it started going up again.
And this was despite the obvious improvement in sentiment and activity on the ground.
And this was despite the obvious improvement in sentiment and activity on the ground.
It looks like Domain must be in on the conspiracy too, as it reported pretty similar results for the September quarter 2019.
Sydney reported its fastest rebound in decades, with house prices up +4.8 per cent over the three months to September.
Unit prices were up +2.6 per cent, driven by a +5.4 per cent jump on the lower north shore and a severe shortage of stock on the northern beaches.
Source: Domain
Melbourne's results weren't all that far behind.
Source: Domain
The ABS will report similar results in due course, but these figures aren't due for some time yet.
In the markets the ASX also had a strong week to close just 1½ per cent below the record high.
My rough calculations show that household wealth in Aussie dollar terms is thus on track to close out 2019 out the highest ever level.
