"Rising housing prices and turnover stimulates consumer spending...

"Rising housing prices and turnover stimulates consumer spending by easing home owners' borrowing constraints and raising home owners' perception of wealth,"

That's a very interesting statement. Are they saying that people who have taken out loans to buy a home feel wealthier due to price increases on the house and subsequently spend more money?

An RBA that wants people to have a growing perception of wealth (whether or not there is an actual increase in wealth) so that they simply spend more money, instead of saving, is a scary thought.