Post-election property sizzle turns fizzle

So say some agent, at the AFR:

The post-election housing euphoria has fizzled out into a state of “calm and caution”, with agents likening the market to a shaken can of Coke.

“When you take a can a Coke, and shake it, it explodes and then starts to flatten out – that analogy is quite appropriate for the market right now,” BresicWhitney director and agent Shannan Whitney said.

“My agents say there was a bit of hype but it’s settling down a bit.”

CoreLogic’s leading mortgage index is showing similar:

Stock on market remains high:

Full report.

I expect the RBA, APRA and Government to have to work quite hard to turn it around but work they will!

Houses and Holes

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 fouding 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.

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