Construction and cranes have been a familiar sight over the inner city for the last three years. Picture: Richard WalkerTHE Reserve Bank has warned Australia risked an above average rise in dwellings being cancelled if market conditions deteriorate.The latest RBA board minutes, released Tuesday, expected to see a high level of dwelling investment over “the next year or so” but warned of “some risk” of above average cancellations.It said private dwelling investment had already “declined unexpectedly” in the September quarter, when “poor weather had disrupted construction”.“The large amount of work in the pipeline was expected to support dwelling investment at high levels over the next year or so, although there was some risk of more cancellations than usual if conditions in apartment markets deteriorated.”More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoRBA governor Philip Lowe arriving at a function in Sydney. Picture: James CroucherThe board, which is presided over by RBA governor Philip Lowe, has tread carefully in recent years in its attempts to prevent the housing boom from turning to bust. It found low interest rates and increased housing prices had driven a surge in dwelling investment nationally over the previous year, with Sydney and Melbourne pulling away from the rest of the market.RBA warned that increased supply and lower population growth had already depressed rents and apartment prices in Perth “and, increasingly, Brisbane”, while established housing markets in Sydney and Melbourne had picked up over the second half of 2016.The board noted “a small increase” in variable housing lending rates for investors but “little change in overall lending rates for owner-occupiers and in business lending rates”.The latest ASX RBA rate indicator was showing a 95 per cent market expectation of no change to the official 1.5 per cent cash rate at the next RBA board meeting on March 7.
Brookville, in. — Brookville police confiscated 2 ½ pounds of marijuana and arrested two residents following a search warrant service last month.On April 21 Police served the search warrant in the 300 block of N Main Street around 1 p.m. at the residence of Clowe Cheyenne Marie Smith, 19, and John Dakota Mullins, 24. During the operation, police found the marijuana, $2,300 in currency, loaded weapons and drug paraphernalia.Smith and Mullins now face drug possession and dealing charges.