Economic weather report
The Fed cuts for the first time since GFC, but not enough for markets; Australian house prices bottom out
Aussie floor? - CoreLogic Australia reported house prices may have found a floor in July, with prices in five of the eight capital cities rising and the national price index bottoming out around 8.3 percent below its peak.
CoreLogic head of research Tim Lawless said: “Our national dwelling value index may have found a floor in July, with dwelling values holding firm over the month following a consistent trend towards smaller month-on-month declines through the first half of the year. Since peaking, the national index is down 8.3%. The stabilisation in housing values is becoming more broadly based, with five of the eight capital cities recording a subtle rise in values over the month, while the regional areas of South Australia, Tasmania and Northern Territory also recorded a lift in housing values in July.”
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