There is not a single story across the country. In parts of the country that have been adjusting to the downswing in mining investment or where there have been big increases in supply of apartments, housing prices have declined.
This is important because it means that a crucial element of the monetary policy transmission mechanism is intact. Borrowers in the euro area directly benefit from the low level of six-month and twelve-month money market rates because these are widely used by banks to set floating rate loans to households and companies.