ANZ and NAB released strong half-year results showing improved net interest margins and controlled costs. Market consensus began pricing in 50bps of RBA cuts starting early 2026 as inflation data softened. The AUD strengthened to 0.6850 USD as investors rotated back into developed market yields.

NAB reported solid earnings with better-than-expected loan growth and discipline on provisions. Asset quality remains strong with low impairments. At $35.50, the 4.3% yield combined with $0.80+ annual dividend provides reliable income with capital appreciation potential if rates fall.

MQG rallied on expectations of higher advisory fees and credit market activity. The investment bank posted strong earnings with record equity raises activity in the region. At $240, the stock trades at reasonable valuation given earnings quality and diversified revenue streams.

REA benefited from spring real estate listing surge with both Australian and Asian market segments performing well. Operating leverage from increased listings supports margin expansion. Watch for momentum continuation as the season peaks; current levels near $145 offer good risk-reward.

Sydney and Melbourne median prices reached new records this week, driven by spring buying momentum. Investor appetite remains strong, with construction pipelines tight and stock shortages supporting price stability.

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