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The value of Australia’s housing stock has cleared $5trillion for the first time, helped by an investor-driven price surge that could limit the Reserve Bank of Australia’s scope to keep official interest rates on hold this year.
Official Australia Bureau of Statistics mortgage calculator confirmation that the value of residences jumped $184billion in the last three months to December adds to signs of a domestic economy showing tentative signs of strengthening.
Business confidence jumped in January for the first time in four months, with firms reporting the best conditions in three years, according to a National Australia Bank index of sentiment.
National Australia Bank chief economist Alan Oster said confidence was now positive for most industries, although the bellwether wholesale, and mining, were both negative.
Business conditions rose to 4 points from 3 in January, led by a surprise rise in manufacturing – something that may be at least partially unwound following news of Toyota’s decision to shutter local manufacturing in 2017. The next best industries were construction and retail – strong signs record low borrowing costs are spurring demand.
Aspirations
I am looking for my next big adventure. There are still many places I want to visit and even more to which I want to return. The camera is charged up and my backpack is packed; drop me a line if you know where I should go next.
