Newell Palmer April 2010 PDF Australian House Prices - Overvalued but Undersupplied

• Australian housing remains very expensive, but undersupply continues to be an issue. Dr Shane Oliver, Head of Investment Strategy & Chief Economist of AMP Capital, looks at how worsening affordability is likely to constrain average house price growth to around 5% over the year ahead. He believes expensive housing and high household debt levels are a risk. However, in the absence of higher unemployment, much higher interest rates or a big supply increase, a US-style collapse in Australian house prices is unlikely.
  

Newell Palmer August 2009 PDF Evaluating the Recovery 

• The global and Australian sharemarkets have rallied around 40% from their March lows in anticipation of an earnings recovery. Matthew Sherwood, Perpetual’s Head of Investment Market Research evaluates the recovery and finds that although economic growth should improve in H2 2009, markets appear to be experiencing valuation fatigue and will need analysts to upgrade FY2010 and FY2011 earnings to move higher.