Markets price out July rate cut

There will almost certainly be no interest rate cut in July as the RBA will look to take a breather and assess another month of data.

Meanwhile, Sydney's property markets look to be demonstrating very strong growth as expected following a series of interest rate cuts.

RP Data is showing very sharp appreciation in its index over recent weeks (more than 2.2% over the past fortnight, if you're a believer in such short timeframes).

Meanwhile Australian Property Monitors reported that (not unexpectedly) it is the inner west which is outperforming the wider market. 

Regular readers will know that Sydney's inner west has long been my favoured sector of the Australian property market.

"Sydney’s auction market continues to track considerably higher than at the same time last year both for clearance rates and listing numbers. Last year’s clearance rate over the same weekend was just 56 percent from 371 auctions.
This weekend’s result closely follows last weekend’s 76.9 percent and reflects the remarkable consistency of the market over the past three months since Easter with weekend clearance rates averaging 75 percent over that period.
The ever popular inner west produced another stunning result on the weekend with an 84 percent clearance rate despite having the highest number of auctions of any of Sydney’s regions. The average auction sale price for a house in the inner west at the weekend was $1,183,167 with the average unit auction sale price $579,467."

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