Global markets retraced overnight as the financial turmoil in Turkey further weighed on markets in Asia, Europe and the US. The situation in Turkey has seen heightened risk aversion, and some investors are likely taking money off the table.
Australian & NZ Property Market Concerns
We thought we would talk about something different today given the local headlines have been dominated in recent times by talk of a property market correction. We think it is clear that the Australian/NZ property markets are now in a period of price correction, but the key question is how deep the price drop will be?
In Australia, house prices have already pulled back significantly in the hot markets of Sydney & Melbourne. We looked at the Barfoot & Thompson house price data yesterday and the median Auckland sale price has dropped -10% from its peak in March 2017.
In NZ, both the Treasury and the Reserve Bank both issued warnings to the Government that growth is now starting...
