So how strong is the property market outlook?
Online advertiser Real Estate Australia, is an asset that reflects both the stock and property market outlooks. Last week the share price managed to hold what looks like quite a significant support level around $41.70. This support might prove a bit of an indicator of how well the spring property sales hold up.
Priced at around 28 times F15 earnings, REA may need the real estate market to keep powering and what’s left of the print advertising market to keep dwindling to hold these levels. A clear break below this support might indicate a deeper correction is in prospect