March 5, 2019 / 11:03 PM / in 2 months

Australia central bank: Housing market will stabilise as buyers return

SYDNEY, March 6 (Reuters) - Australia’s top central banker said on Wednesday home buyers were returning to the country’s cooling housing market which was in-turn expected to stabilise prices eventually.

Reserve Bank of Australia (RBA) Governor Philip Lowe denied there was an oversupply of homes in the country in response to questions in Sydney following his speech titled ‘The Housing Market and The Economy.’

A sharper-than-expected downturn in Australia’s once-booming property market has become a significant uncertainty for the RBA which cut its growth and inflation forecasts last month and moved away from a previous tightening bias.

Reporting by Swati Pandey Editing by Chris Reese

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