BENGALURU - Australia’s housing market revival will carry on into 2020 thanks to a series of interest rate cuts from the Reserve Bank of Australia this year and another expected next year, according to a Reuters poll of property market analysts.
Six of 10 analysts who answered an additional question said further interest rate cuts to the record-low 0.75% benchmark cash rate after three RBA cuts already this year would stimulate Australia’s housing market activity and prices significantly. The RBA is expected to ease once more in 2020 in its bid to boost a slowing economy that has marked nearly three decades of uninterrupted expansion.
A regional breakdown of the poll data showed Sydney and Melbourne, Australia’s two most populous cities which contribute about 43% to the country’s gross domestic product, would lead property price growth in 2020. Australia’s wage price index rose 0.5% in the third quarter and consumer sentiment held below average in November, suggesting that recent monetary policy stimulus has failed to spur household demand.
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