Positive signs seen in Australian property market

The Australian property market is continuing to display some good signs of improvement, the minutes of this month's meeting of the board of the Reserve Bank of Australia have shown.

Commenting on the various aspects of the economy in the country, the board noted that "house prices had increased in almost all areas over recent months" and that "housing loan approvals were strong", adding that "overall housing credit had recorded solid growth".

This improvement came against a backdrop of economic conditions that were noted as being more favourable than those in other advanced countries, helped by an increase in exports due to the strength of China, Australia's biggest trading partner.

Such findings may encourage those keen to buy Australian property.

The minutes follow this month's meeting of the board in which it decided not to trim the cash rate below three per cent.

However, in his statement following the decision the bank's governor, Glenn Stevens, commented that there is "some scope for further monetary easing" if required.
 

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