Dwelling approvals down 1.5% in May
The number of dwelling approvals in the country decreased by 1.5 % in May 2018, the Australian Bureau of Statistics (ABS) reported on Tuesday.
June auction clearance rates decline
The lower week-on-week volumes did result in a slightly higher preliminary clearance rate of 56.7%, contributing to a year-to-date average of 60.5% for the first six months of 2018. This is significantly lower compared to the first half of last year, which saw an average of 72.5% of listed homes sold.
Analysts anticipate record low cash rates until 2019
Analysts are not expecting any cash rate hikes from The Reserve Bank of Australia (RBA) until September 2019, according to a Reuters poll released on Friday, June 29, as inflation stays below the bank’s 2-3 % target band and a U.S.-driven international trade war looms.
