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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
CoreLogic reported that residential property prices fell for the sixth consecutive month in October and across all capital cities and most regions. They fell 1.1% to be down 3.3% y/y, the lowest since September 2019, and 6.5% off their April 2022 peak. Prices rose 25% from the previous trough in 2020.
- The RBA is watching the housing market closely to gauge the impact of its current tightening cycle and the impact of the wealth effect on consumer confidence and spending. While, house prices are falling they are still well above their 2020 trough and so most households are still in positive equity.
- The RBA has estimated that real home prices could fall 20% from their peak over two years, which would be the largest correction since 1982 (See RBA Fears 20% Real House Price Drop).
- CoreLogic’s Research Director Lawless said “…there is a genuine risk we could see the rate of decline re-accelerate as interest rates rise further and household balance sheets become more thinly stretched.” (see report here).
Australia CoreLogic 5-capital city home prices y/y%
Source: MNI - Market News/CoreLogic/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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