Looking at the Australian economic data that was released today we saw the following;
Manufacturing - expanded marginally (2.5 points) nonetheless it's above a reading of 50 so it's considered that the economy is expanding rather than contracting.
Inflation Gauge - Up 0.5% from a month ago.
New Home Sales - Down 4.9% from a month ago!
ANZ Job Advertisements - Down 12.7% from a month ago!
Housing Price Index - Up 0.8% from last quarter!
Almost all the economic data above points to a slowing economy yet house prices are up almost 1%, doesn't make sense to me? Houses overvalued, you bet!
