RBA’s Bullock Says Australia’s Housing Recovery Remains Gradual

Reserve Bank of Australia Governor Michele Bullock said the nation’s housing market is improving only slowly, underscoring a cautious outlook for residential property after the downturn that followed rapid interest-rate increases. Bullock told an audience on 12 August that the recovery has been “gradual so far,” adding that policymakers are closely monitoring house-price movements. Her remarks suggest the RBA is unlikely to draw strong conclusions from recent upticks in sales and prices until a more sustained trend emerges.