After showing solid increases in May and June, residential sales activity slid sideways in July before rising again in August.
The jagged recovery shows improving sentiment with a side of uncertainty – a theme expected to linger deep into 2024 (or even 2025) when projections reflect a decline in the Official Cash Rate (OCR) and, with it, mortgage lending rates.
Market expectations play a crucial role in overall activity, and sentiment-driven behaviour is a key characteristic of the housing market.