Reserve Bank Housing Prices Summary

Interesting information through from the Reserve Bank this month, showing Australian house prices, still heading steadily upwards:

Australian Bureau of Statistics (ABS) data, shows that with the number of employed Australians increasing and the unemployment rate decreasing, this will obviously logically continue to keep our property markets sustained moving forwards:

June Key Points

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased 8,300 to 11,933,400
• Unemployment decreased 200 to 725,900
• Unemployment rate remained steady at 5.7%
• Participation rate remained steady at 64.8%
• Monthly hours worked in all jobs decreased 0.7 million hours to 1,635.1 million hours

SEASONALLY ADJUSTED ESTIMATES (MONTHLY)

• Employment increased 7,900 to 11,939,600. Full-time employment increased 38,400 to 8,198,900 and part-time employment decreased 30,600 to 3,740,700
• Unemployment increased 9,900 to 734,200. The number of unemployed persons looking for full-time work decreased 9,200 to 496,700 and the number of unemployed persons only looking for part-time work increased 19,000 to 237,500
• Unemployment rate increased by 0.1 pts to 5.8%
• Participation rate increased by less than 0.1 pts to 64.9%
• Monthly hours worked in all jobs decreased 4.3 million hours to 1,640.0 million hours

This coupled with ABS data showing building work numbers also continuing to head upwards:

BUILDING WORK DONE

• The trend estimate of the value of total building work done rose 1.1% in the March 2016 quarter.
• The seasonally adjusted estimate of the value of total building work done fell 0.7% to $25,187.5m in the March quarter, following a rise of 2.9% in the December 2015 quarter.

NEW RESIDENTIAL BUILDING WORK DONE

• The trend estimate of the value of new residential building work done rose 2.8% in the March quarter. The value of work done on new houses fell 0.7% while new other residential building rose 7.1%

The seasonally adjusted estimate of the value of new residential building work done rose 2.0% to $14,735.1m. Work done on new houses fell 1.5% to $7,784.5m, while new other residential building rose 6.1% to $6,950.6m.

Have a great weekend and catch you next week!

Troy Gunasekera