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Slow economic growth predicted to have impact on property

The Australian economy has picked up but there's still room for improvement, according to an industry report.

Tracking growth rates from a number of sources, the Westpac Leading Index shows an increase in growth rate from 1.6 per cent in June to 3.1 per cent in July.

An 1.2 per cent increase in GDP in the June quarter provided most of the lift, making some headway against the 0.9 per cent drop experienced in March.

While this has also been assisted by increases in corporate profits and domestic productivity, Westpac is predicting that growth will continue with its current momentum into the next year at an annual rate of 1.5 per cent - well below the 3 per cent long-term trend recorded by the index.

While the report does show that the Australian economy is still growing slowly, the news may be of little comfort to those looking to sell in the next six months - as depressed growth can mean that homebuyers are looking to spend less on housing than in previous years.

Investors who are seeking to tailor their property portfolios to suite suit the prevailing market conditions may benefit from attending local real estate programs to learn more about their options.

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