Mid-day today, Australian Bureau of Statistics released their house price index for the fourth quarter and it rose to 4.1% from an expected 2.4 percent. Australia also considers housing prices as a key indicator for inflationary pressures.
The week ahead looks quiet in the global economic calendar.
However, the focus for the market will turn to Thursday when the Reserve Bank of New Zealand will be reviewing their official cash rate.
It is expected that they will keep interest rates on hold at a record low of 1.75 percent. This was reinforced by weaker growth figures which was evident last week when the New Zealand economy slowed to a 0.4 percent pace in the fourth quarter.