The Australian newspaper's economics editor Adam Creighton says “the Reserve Banks seems to have electrified the housing market”. Mr Creighton told Sky News all the state capitals advanced in November, and “Sydney saw a 2.6 per cent increase in one month, which is the fastest increase in more than 30 years”.
The economics editor said it is worth pointing out “the house price increases are based on very low turnover still, and turnover in the housing markets is in a 30-year low”. “While the three rate cuts don’t seem to have much effect on business investment or household consumption just yet, they certainly have had a big impact on house prices”, he said. Image: Getty
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