Australian consumers’ confidence as measured by the Westpac-Melbourne Institute Consumer Sentiment Index, has been on an upward trend since April this year and over November, reached the highest level since April 2011. The figures are reported in the latest RPData Research Blog by Tim Lawless.
Mr Lawless notes that the measures of consumer confidence correlate strongly with the number of transactions in the housing market – see the graphs in the linked report.
The confidence readings show that New South Wales, Victoria and Western Australia are the most optimistic states; although Queensland and Tasmania are experiencing improvements.
Of interest, is the ‘Time to Buy a Dwelling Index” where most states’ indices are approaching 2009 highs.
“The indicators are further affirmation that the Australian housing market has moved out of the down phase of the cycle and there is mounting evidence that conditions will continue to improve.” says Mr Lawless in the blog.