Seven's House Rules fails to hit mark

Right at home: Host Johanna Griggs (centre) and the House Rules team. Source: Supplied

IT?S had huge promotion, but Seven?s House Rules couldn?t break Nine's stranglehold with the combined pulling power of The Block: Sky High and The Voice on the viewing figures.

Debuting on Tuesday night, its figures came in at 803,000 – in comparison The Block had 1.3 million for its first episode and The Block All Stars pulled in 960,000.

But what Seven executives will no doubt be more concerned with is the figures in comparison to Ten’s DIY show The Renovators which debuted back in 2011.

That managed to pull in 939,000 viewers – a higher audience, and that was soon sent to the builders yard for scrap.

With this poor performance hot on the heels of Celebrity Splash, sources say there will be heated talks taking place in the boardrooms over how to stop the nosedive.

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House Rules fails to nail its launch

House Rules: Michelle and Steve (NSW) Jemma and Ben (WA) Jane and Plinio (TAS) Amy and Sean (QLD), Nick and Chris (VIC) Carly and Leighton (SA) Picture: Channel 7 Source: Supplied

NEW renovation series House Rules bombed on debut when it had worst launch figures than last year's shockers Being Lara Bingle, The Shire and Excess Baggage.

The first episode of the Seven Network reality show on Tuesday night could only muster 803,000 viewers, according to OzTAM ratings.

In comparison to 2012's flops, Network Ten's The Shire pulled 941,835 on debut while Being Lara Bingle attracted 924,950, and the Nine Network's first episode of Excess Baggage was watched by 885,482.

Seven gave itself a tough task by launching House Rules against a live elimination round of The Voice and at the same time the federal budget was being handed down.

Nine claimed the first two places in the ratings on Tuesday with The Voice (1.597 million) and The Block Sky High (1.308 million).

It is the second night in a row The Voice has not topped 1.6 million, after regularly pulling audiences around the two million mark.

As for House Rules, the real test will come on Wednesday when it goes head-to-head with Nine's The Block Sky High and The Big Bang Theory.

The failure of House Rules did not affect Seven's family drama Packed To The Rafters.

The popular Aussie series, which followed House Rules, pulled more than a million viewers for fifth spot in the ratings.

House Rules will also air on Thursday night as the lead-in program to the grand final of Celebrity Splash.

The final two episodes of Celebrity Splash have been crunched into one, suggesting this will be the first and last series of the diving show.

Did you tune in to House Rules? What did you think?

Nick and Chris from Channel 7's new reno show House Rules. Picture: Supplied Source: Supplied

View the original article here

Seven's House Rules debuts poorly

Right at home: Host Johanna Griggs (centre) and the House Rules team. Source: Supplied

IT?S had huge promotion, but Seven?s House Rules couldn?t break Nine's stranglehold with the combined pulling power of The Block: Sky High and The Voice on the viewing figures.

Debuting on Tuesday night, its figures came in at 803,000 – in comparison The Block had 1.3 million for its first episode and The Block All Stars pulled in 960,000.

But what Seven executives will no doubt be more concerned with is the figures in comparison to Ten’s DIY show The Renovators which debuted back in 2011.

That managed to pull in 939,000 viewers – a higher audience, and that was soon sent to the builders yard for scrap.

With this poor performance hot on the heels of Celebrity Splash, sources say there will be heated talks taking place in the boardrooms over how to stop the nosedive.

View the original article here

Cracks in House Rules ratings

Nick and Chris from Channel 7's "House Rules". Source: Supplied

HOUSE Rules looks like it is in need of renovation after being hammered by The Block Sky High last night.

The launch episode of Channel 7's new home reno reality series could only nail 803,000 viewers nationally.

The Block Sky High demolished its rival with 1.308 million viewers nationally.

House Rules was also crushed by The Voice which averaged 1.597 million viewers.

The House Rules launch result is a blow for Seven. The network had hoped the show, hosted by Johanna Griggs, would strip hundreds of thousands of viewers from its Nine rival.

House Rules rated especially poorly in Sydney with only 171,000 viewers - just over half of the 331,000 that watched The Block Sky High.

Seven executives will be hoping House Rules figures improve tonight and tomorrow night.

Griggs had been upbeat about House Rules chance of success in recent days.

"We could not be investing as much time, energy and money into a program if we didn't think it was going to be a success," Griggs said.

Nine would be worried that The Voice, despite being last night's number one show, has dropped under 1.6 million viewers for the second night in a row.

That figure is way off the more than two and a half million viewers the talent show was averaging last year.

The Block contestants Johnno and Trixie Johnson from Queensland have selected the penthouse on level five to renovate. Courtesy The Block, Nine Network.

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House Rules to take on The Block

House Rules teams for 2013: Michelle and Steve (NSW), Nick (left) and Chris (VIC), Amy and Sean (Qld), Carly and Leighton (SA), Jemma and Ben (WA), and Jane and Plinio (TAS). Picture: Channel Seven Source: Supplied

• House Rules will air three nights a week
• Show will be hosted by Johanna Griggs
• First episode will be up against The Voice

CHANNEL 7 has set up a TV home renovations ratings war by announcing that House Rules will begin next Tuesday, on May 14 at 7.30pm.

House Rules, hosted by Johanna Griggs, will continue on Wednesday and Thursday nights.

The three-nights-a-week move pits House Rules directly up against Nine’s renovation reality series The Block Sky High.

The first episode of House Rules has the added pressure of also going up against ratings blockbuster The Voice.

The Block Sky High will screen from 7pm on May 14 with The Voice screening from 8pm.

Contestants on The Block Sky High will face the show's biggest challenge yet

Wednesday and Thursday episodes of House Rules will also clash with The Block Sky High which will screen from 7pm to 8pm both nights.

House Rules features six state-based teams renovating each other’s houses. The Block Sky High features five state-based teams renovating a six-storey Melbourne hotel.

House Rules' six teams are Michelle and Steve (NSW), Nick and Chris (Vic), Amy and Sean (Qld), Carly and Leighton (SA), Jemma and Ben (WA), and Jane and Plinio (Tas).

Seven has promised that an entire home will be renovated and revealed each week.
 

View the original article here

Will.i.am wants Opera House album

Black Eyed Peas singer will.i.am says he hopes to record an orchestra album in Sydney. Source: Supplied

• Says he enjoys performing and appearing on TV talent shows
• Will tour #willpower with a new kind of live show
• Wants to record an orchestra album at the Sydney Opera House

AMERICAN hitmaker will.i.am calls it the TV Show Tour, where artists, coaches, judges and mentors get to showcase their wares on the top-rating small screen talent quests.

Back in Australia to spruik his solo album #willpower, the Black Eyed Peas creative controller will perform his chart-topper #thatpower on tomorrow night's first results episode of The Voice.

CATCH ALL THE ACTION FROM TONIGHT'S SHOW WITH OUR LIVE BLOG FROM 7PM AEST:

"You know what I think is cool? It gives artists a new venue. You play the Sydney Opera House, I played the Big Day Out, now I'm touring The Voice. It's a new tour, just touring all the countries' Voices," he said, laughing.

"Check this out, I mentored on (American) Idol last year, I did the coaches' house visit on X Factor, I've done the Voice and I did Idol again last week. I tour TV. I tour the tube."

Will.i.am is a coach on the British franchise of The Voice which is running concurrently with the Australian series. He was originally approached to join our series.

He laughed at the suggestion it might be awkward performing a song in front of the Australian coaches.

"I am going to be looking at Seal like, you know you are the Australian me, right? And I'm the UK you, right? And Usher is the American us, right?" he said.

"Then (Black Eyed Peas member) Apl, my best friend, he's doin the Filipino Voice.

"I'm tellin' Seal, 'I'm coming for your chair next'."

The producer, singer, rapper and brand man said the orchestral themes running through #willpower will inspire his next solo record.

will.i.am is a regular visitor to Australia since 2001 and credited his nightclubbing experiences here while working on Wolverine for inspiring the dance-heavy sound of the Black Eyed Peas record The End.

Now he wants to return with a grander plan.

"I would like to do an orchestra album and record the whole record here at the Sydney Opera House," he said.

"Let's work it all out somewhere, know your repertoire, what you are going to be recording, know all the parts and pieces, do all the rehearsals and then you record it all in one place. And you invite people to come.

"What else is there to do? Everything is in a computer now and don't mind, I like computer beats but I think there is a thirst for the human."

He promises he will tour #willpower - not just on TV shows - but wants to invent a new way of playing live.

And he still has to executive produce the new record from Britney Spears, who guests on his No.1 hit Scream And Shout.

"I want to tour, I want to tour here in Australia, but I want to put in the same effort I did with making the record and come up with something different," he said.

"I don't want it to look like 'Where are the other guys at?"'

Will.i.am performs on The Voice on Tuesday.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here

Don't bet your house on a rate cut

The property sector is still holding out hope for a rebound. Picture: Ian Mainsbridge

AUSTRALIA'S property sector is showing glimmers of life after a brutal 12 months and ecomists say lower mortgage rates and soft prices are sparking hopes of a rebound.

But the prospect of an interest rate cut next week has slumped - with the market rating it as a less than 25 per cent possibility - after the latest data showed Australia's housing sector ended the year by reporting a third monthly rise in the number of new homes sold.

The 6.2 per cent lift in new homes sales nationally during December following strong rises in October and November meant it was the strongest quarterly lift in sales in almost four years.

But while the Housing Industry Association data shows new home sales were up 3.3 per cent over the December quarter, they remain 12.7 per cent lower than the same quarter of 2011.

HSBC chief economist Paul Bloxham said the start of a recovery in housing and retail sectors are signs the RBA's rate cutting cycle is working.

In a contrary view to the broader market, Mr Bloxham is tipping the RBA won't cut rates again this year and may even look to raise rates by late 2013 as the recovery gathers pace.

Most rival economists are forecasting the RBA will drop rates by between 50 to 75 basis points to a record low of either 2.5 per cent or 2.25 per cent over the next nine months to boost growth.

But HSBC believes Chinese growth will move up a gear this year and that the Australian mining investment boom will continue to boost economic growth for the next six months, giving the key construction and retails sectors enough space to bloom.

"Australia's mining story is not over with China set for growth of around 8.6 per cent this year. And this will give the local economy the time needed to rebalance with a pick up in the housing and consumption sectors set for later in the year," Mr Bloxham said.

He admitted there were still only a few small signs the economy had turned the corner but was upbeat unemployment will remain around 5.5 per cent and growth will pick-up in the second-half of 2013.

This upbeat prognosis comes as RBA data released yesterday shows annual mortgage growth rose to 4.5 per cent in December.

Household credit growth was subdued rising only 0.4 per cent in December.

But on an annualised basis it was the first rise in personal credit in 18 months showing conservative consumers may finally be looking to increase their risk exposure.

National Australia Bank modelling released yesterday is tipping house prices will rise by 1.5 per cent this year and 3 per cent in the period to the end of 2014.

But NAB chief economist Alan Oster is less optimistic about the outlook tipping the RBA will cut rates to a record low of 2.25 per cent by August as unemployment soars and growth slows to below its long-term trend.

"The domestic economy is presently in a soft patch and the labour market weakening along with employment security has entrenched as the biggest impediment to purchasing existing property," he said.

View the original article here