Wednesday, August 4, 2010 ABS House Prices: Exactly as I expected--a very big number (+3.1%)
This estimate is a bit of a joke, and I have no doubt the central bank thinks so as well. We expected the ABS would print between +1 and +2% for the quarter, with the risk of a higher number. If you want to understand why these estimates are biased to the upside, see my article from yesterday, entitled, "Why the ABS house price index results will likely be artificially positive."
