I mentioned what I thought house prices might do for the next 4-5 years. I didn't say what I expected to happen in the 6th or 7th or 8th years, but I did say that I expected the Sydney median house price to approach $1M by 2015. I didn't specify by which day in 2015.
By the way, I have already had this argument with others here. It ran through several threads and probably over 100 posts. I think it was before your time here, but I'm sure nobody wants to go through another week-long argument about the meaning of the word 'by'. So let's just agree that I'm right.
Yea. That's fine. You can have to the end of 2015 - I think you'll be wrong either way
NAB chief executive Cameron Clyne has indicated that the big four banks may not pass on any future rate cut by the Reserve Bank in full. Michele Mossop
National Australia Bank chief executive Cameron Clyne says house prices could decline further, but he expects the Reserve Bank of Australia to cut interest rates by another 0.5 of a percentage point this year.
Mr Clyne said yesterday that unemployment, which dropped to 4.9 per cent last month, was the key to future house price movements.
“They might fall slightly,” he said. “We’re not seeing a precipitous decline at this point, absent potentially rising unemployment.
“And the economy’s been able to absorb the house price decline to this point. Though . . . the reality is that house price decline does have an impact on consumer confidence.”
National weighted average house prices fell 4.5 per cent over the year to March. Larger declines in Melbourne (down 6.6 per cent) and Hobart (which fell 6.7 per cent), were partially offset by smaller falls in Perth (1.7 per cent lower). House prices in the largest property market, Sydney, fell in line with the national trend – they dropped 4.6 per cent, the Australian Bureau of Statistics reports.
Mr Clyne said that despite the surprise fall in unemployment in April, the RBA was likely to cut rates later this year, to follow up its 0.50 of a percentage point cut this month.
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