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The market impact of foreign buyers has been exaggerated. Pointing the finger at foreigners is a distraction from the main problem bedevilling Australia’s housing market – a severe shortage exacerbated by the lack of needed planning reform.
In what was his final-ever board meeting as the Reserve Bank of Australia (RBA) governor, Philip Lowe has said the central bank’s decision to hold the cash rate indicates “inflation has passed its peak”.
Property prices on the up as housing markets are heading into the all important spring selling season with a “head full of steam”.
But the RBA has stopped short of declaring victory over inflation.
But the RBA has stopped short of declaring victory over inflation.