Housing market expected to grow in coming months: RBA
Posted on Tuesday, July 16 2013 at 4:26 PM
Conditions in the housing sector have continued to improve, according to minutes from the Reserve Bank of Australia’s July meeting released today.
Although the
board noted overall dwelling investment was flat in the March quarter due to
lower spending on alterations and additions, figures showed an increase in
investment in new dwellings.
The number of
building approvals increased strongly in April along with loan approvals for
new dwellings, indicating some improvement in the building and construction
industries.
The RBA also
noted dwelling prices had increased over the June quarter and auction clearance
rates remained high.
Combined
with the effects of lower interest rates it is expected the housing market will
experience further growth in the coming months.
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