One of the most remarkable statistical trends that has been occurring as we slowly but surely inch our way out of the lockdown has been how quickly consumer confidence has rebounded.
In fact, the latest Westpac-Melbourne Institute consumer sentiment survey which was released this week shows that Australia’s consumer confidence levels rose by 2.5 per cent in November, which was the third month in a row that this figure has risen.
The monthly survey, which tracks how people are feeling about their personal own finances as well as the broader economy, is now 13 per cent above where it was for the six months prior to the pandemic hitting in March, and is now at a seven-year high.
You might also be interested to know that Victoria recorded the biggest improvement in consumer confidence, with our state recording a rise this month of 9 per cent as the coronavirus restrictions eased and interest rates fell to new record lows.
The latest survey was conducted as recently as the first week of November, the same week that the Reserve Bank lowered the official cash rate to 0.1 per cent.
The Chief Economist at Westpac, Bill Evans, has been quoted this week as saying that Australia’s success in dealing with coronavirus had “undoubtably” played a role in the growth in overall confidence. He said, “We are now at a seven-year high, so Australians are really indicating after the doom and gloom period of the lockdown that they are looking forward to a positive future.”
Of even more interest for those keeping an eye on the real estate market was this quote, “One aspect of the survey that’s most outstanding is strong confidence in the housing market, that’s spilling over to general confidence.”
With so many different factors helping to drive the property market right now, from lower interest rates to the easing of restrictions on Open Houses and Auctions, the importance of having an experienced, independent Advocate on your side to help you buy or sell has never been greater.
The team at Ian Reid are ready and able to assist you in all your property dealings, so why not give us a call on 9430 0000 today to discuss your options? You’ll also find plenty of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.