Overall conditions in the housing market have eased compared to last year despite recent strengthening in Sydney and Melbourne, the Reserve Bank of Australia said in its Statement on Monetary Policy on Friday.
The bank noted that housing credit growth was lower than a year ago. Tighter lending standards have been reflected in the declining share of interest-only loans over the past year.
The central bank observed that downside risks to growth in the major trading partner China in the near term appear to have diminished.
The forecasts for GDP growth were similar to those presented in the August statement. Growth is expected to be around 2.5-3.5 percent over the year to June 2017, and then increase to around 3-4 percent over the year to December 2018.
The bank forecast growth of 2.5-3.5 percent to June 2017.
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