Interest rate settings continue to slow the economy.
The manufacturing PMO slowed into deep contraction, and the lowest level in 35 months.
Credit growth also continued to slow to just 0.3 per cent in March 2023. leading Westpac to call the peak of the interest rate cycle.
That having been said, although lending is still sluggish, the change in the pace of housing credit has now turned a corner, which invariably points to a change in the direction of housing prices.
Indeed, CoreLogic reported that Sydney housing prices rose by 3 per cent over the past quarter, with further increases recorded for March.
Listings have fallen further below average, according to CoreLogic's latest numbers.
Source: CoreLogic
It's a supply and demand story, with Australia's population expected to increase by an unprecedented 1 million persons over FY2023 and FY2024.
In saying that the pressures are spread unevenly across the country.
While rents are accelerating in Sydney, growth is declining in some other markets.
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The Labor Government rolled out more housing market assistance yesterday.
Via Ten News:
Source: 10 News
