House prices: Has the first domino fallen?

Subdued property market sentiment may begin to dissipate.

Whether you think the economy desperately needs rebalancing through lower rates and a lower dollar to avoid a recession, or not, I think there is one thing everyone can agree. The broad spread of available data suggests that record low interest rates aren’t having much of an effect  (See my note of 24 May: Has Monetary Policy lost its oomph?) . Indeed the NAB business survey on Tuesday showed that despite the 200bp worth of easing and a 12% slump in the dollar, business conditions got worse in June.

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