Tight stock in Sydney
So much for any forced selling in the housing market!
Sydney dwellings on the market fell again in July, with the total stock on market falling to 29,055 from 32,464 a year earlier.
Sydney listings have declined by 10½ per cent over the past year, according to the latest data from SQM Research.
The Reserve Bank of Australia was in focus today, leaving rates on hold at 1 per cent, but with an explicit easing bias in place.
Most respected economists read the release as screaming further rate cuts over the year ahead (and futures markets effectively imply more than two further cuts).
Not too long ago some headline-grabbing analysts were predicting a housing crash in Australia due to rising mortgage rates.
Now markets are pricing extraordinarily low interest rates for at least the next 30 years.
Structurally low inflation comes at you fast.
Average asking prices for houses in Sydney increased by +2.6 in July, while asking prices for Sydney units increased +1.2 per cent according to SQM Research.
