{"id":26356,"date":"2020-07-22T09:41:30","date_gmt":"2020-07-21T21:41:30","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26356"},"modified":"2020-07-22T09:41:30","modified_gmt":"2020-07-21T21:41:30","slug":"overseas-buyers-absence-hurts-australian-property-market-rba-governor-philip-lowe","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/overseas-buyers-absence-hurts-australian-property-market-rba-governor-philip-lowe\/","title":{"rendered":"Overseas buyers absence hurts Australian property market: RBA governor Philip Lowe"},"content":{"rendered":"

PHOTO: Reserve Bank of Australia<\/strong><\/p>\n

The reduced flow of new arrivals to Australia is affecting some real estate markets, RBA Governor Philip Lowe noted in the July RBA meeting minutes released today.<\/p>\n

He was referring primarily to the rental market, with vacancy rates increasing sharply in Sydney and Melbourne to just above four per cent.<\/p>\n

Lowe cited the increase in the supply of rental housing in some areas.<\/p>\n

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He said soft conditions in the rental market were expected to weigh on rent inflation for some time.<\/p>\n

The RBA members also noted conditions in the established housing market remained mixed.<\/p>\n

“Housing prices in some larger cities had declined in June, though were only a little below recent peaks in the case of Sydney and Melbourne”, Lowe said, adding that house prices in a number of smaller cities were broadly unchanged.<\/p>\n

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