The Reserve Bank (RBA) held their monthly board meeting earlier this week.
At the meeting the RBA board decided to keep official interest rates on hold at 2.0%.
The statement following the meeting noted that the Australian economy continues to grow at a rate below recent trend levels.
It also notes that unemployment is elevated but fairly stable over recent months however, the economy is likely to continue to have spare capacity for some time.
The statement once again noted the strong increase in dwelling values in Sydney and noted that elsewhere the growth is quite moderate.
Nevertheless the statement reiterated that the RBA and other regulators are continuing to asses and contain the risks associated with housing market.
Late last week the Australian Bureau of Statistics (ABS) released retail trade data for May 2015.
The data showed that retail trade increased by 0.3% over the month to be 4.7% higher over the year.
Looking at retail trade by industry the annual changes were recorded at: +4.0% for food retailing, +9.5% for household goods retailing, +8.9% for clothing, footwear and personal accessories, +1.6% for department stores, +1.4% for other retailing and +3.2% for cafes, restaurants and take-away food services.
The ABS has also released overseas arrivals and departures data for May 2015
The data showed that over the year there were 687,130 permanent settler arrivals and 397,120 permanent and long term departures.
Permanent arrivals have fallen by -8.2% over the year and are at their lowest level since the 12 months to April 2011.
Meanwhile, permanent and long term departures have increased by 2.2% over the year and are at their highest level since January 2011.
As a result, net arrivals were recorded at 295,410 over the year, down -19.0% over the year and at their lowest level since April 2011.
The data indicates that the rate of net overseas migration which has slowed to December 2014 is likely to continue to slow over the coming quarters.
CoreLogic RP Data was tracking 1,674 auctions over the past week, which was a reduction from the 2,249 auctions the previous week.
The weighted average clearance rate across the capital cities was 76.8%; the 17th consecutive week where the combined capitals clearance rate has been above 75%.
The national clearance rate fell from 76.9% the previous week
The largest auction market, Melbourne, saw 640 auctions held last week with a clearance rate of 78.6%.
Auction volumes were down from the 1,007 auctions the previous week however, clearance rates were fractionally higher from 78.5%. In Sydney there were 734 auctions with a clearance rate of 82.0% last week.
Auction volumes fell over the week while the clearance rate was unchanged.
Sydney auction clearance rates have remained above 80% each week since the Reserve Bank cut official interest rates by 25 basis points at the start of February 2015.
The number of new homes being advertised for sale has increased over the past week along with a rise in total listings.
Despite the increase, total listings nationally are -3.2% lower than the number from a year ago while capital city listings are -5.1% lower.
Over the past four weeks there have been 43,018 newly advertised properties added to the market which is 14.6% more than at the same time one year ago.
A similar trend can be seen across the capital cities where 25,332 new listings hit the market over the past four weeks which is 10.4% higher than at the same time last year.
The number of new listings is higher currently compared to the same time in 2014 across all cities except Perth and Darwin.
Meanwhile, although total capital city stock is lower than a year ago, it is being fuelled by a significant decline in listings compared to a year ago in Sydney (-15.3%) and Melbourne (-13.0%). Perth (+13.7%) and Darwin (+28.5%) remain the only two capital cities in which total listings are higher than they were a year ago.
Total listings in Sydney are still lower than in each of Melbourne, Brisbane and Perth.
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