Trump Speech Looms Over Markets

• Housing data showed price growth continuing in March, though momentum eased slightly. The Cotality Home Value Index rose 0.6% over the month, down from 0.7% previously, with the softening most visible across Sydney and Melbourne.
• The moderation in price gains appears linked to changing expectations around the rate outlook, with the prospect of further tightening beginning to cool buyer momentum and overall market turnover.
• Growth remains far stronger outside the two largest cities. Brisbane, Adelaide and Perth again led the move higher, recording 1.8%, 1.2% and 2.5% gains respectively.
• In construction data, dwelling approvals bounced sharply in February, rising 29.7% over the month and pushing the annual pace up to 14.0%, reversing the weak run seen through December and January.
• Geopolitics also remains in focus, with President Trump expected to deliver an update on Iran around midday Sydney time, though the situation continues to carry a high degree of uncertainty.