After weak home sales data and re-weakening in mortgage applications (but a modest recovery in homebuilder sentiment), expectations were for a slowdown in starts and permits but the June prints were shockingly bad. Housing Starts dropped 0.9% MoM
Australia's housing market is at risk of imploding. A decade of lowering interest rates to 1% and printing money to drive up home prices has led to dangerous imbalances in real estate markets across the country - that will soon be corrected.
As the luxury real estate market cycles down, now is the time billionaires should catch the proverbial "falling knife," Bloomberg reports.