According to RP Data, new listings in the national property market declined c7% y/y in April, which is a slowdown from the flat volume growth recorded in March. We believe the timing of Easter (mid-April this year vs late March last year) has impacted April volumes, with post-Easter campaigns starting earlier last year and resulting in unfavourable comps. Ultimately, we view the April volumes as broadly consistent with our current expectations of flat volume growth for 2H17, particularly in light of the easier comps in May/June (given the impact of the Federal election in the pcp).
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
