Real Estate Report from August 8th 2011

In good news for mortgage holders, the Reserve Bank Board decided to leave the cash rate unchanged at 4.75 per cent. The Board says credit growth has declined over recent months and that most asset prices, including housing prices, have softened recently. Australian Bureau of Statistics’ data shows building approvals fell 3.5 per cent in June to a two year low. The worst performer was Queensland, with seasonally adjusted dwelling approvals falling by 18.6 percent for the month. Approvals for private sector houses fell 3.2 per cent in June, led by Victoria with an 8.1 per cent...