The RBA’s decision to lower interest rates by 0.25% has boosted consumer confidence in the market, according to Westpac and the Melbourne Institute’s monthly consumer confidence survey.
The report showed a 6.3% increase in consumer confidence over the last month, the third consecutive month-to-month rise in the reading. It is also the highest reading since May this year, indicating that consumers are now more optimistic than pessimistic.
An improved attitude toward property has been reflected in first home buyer activity, which is at its highest level since March 2010, according to ABS released housing finance figures for September.
The average first home buyer’s loan size has also fallen 1.0%, according to the ABS figures, suggesting that buyers are investing more money into their loans than in previous months. Mirroring this, the number of houses for sale across the country has jumped 27.2% on last year’s figures.
The increase in consumer confidence was not felt everywhere, however. Weighted average capital city auction clearance rates have fallen to 44.2% from 44.9% last week, with the ABS figures indicating that the spring selling season bought little joy for sellers.
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