Rising rates are taking their toll, with home buyer sentiment falling to an “extreme low” while more consumers expect house prices to rise than fall, new data has shown. The Westpac-Melbourne I
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Consumer sentiment wilts as RBA heats up macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.
Consumer confidence has now fallen by 9.7 per cent over the last two months, with the largest dips recorded in Victoria and Western Australia, as house prices soar and Victoria’s lockdown induces uncertainty.
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Via Bill Evans:
The Index is now just 0.2 points below the December level which was a ten-year high. The main factors driving the Index are improving economic conditions and prospects, both domestically and abroad, particularly as they relate to our labour market.
Australia’s success in containing COVID-19, the promise of vaccine rollouts bringing an end to the pandemic, and support from stimulatory government policies have all contributed to the sustained lift.
However, the survey shows evidence of tensions emerging in the housing market.
Every quarter, the survey includes additional questions around news recall that give a clearer indication of the topics influencing sentiment. Responses this quarter indicate that positive news around the economy, jobs and budget/tax policy have been most influential.