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20 March 2013

Consumer Confidence Up Again Positive market sentiment continues to flourish with the Assistant Governor of the Reserve Bank recently acknowledging that demand in the housing market has strengthened and that interest rate cuts have helped bring required mortgage payments down to their lowest level for the past decade. The Westpac-Melbourne Institute Index of Consumer Sentiment also delivered good news with consumer sentiment climbing another 2 percentage points in March, prompting Westpac chief economist Bill Evans to declare it ´a strong result.´ Increased positivity about family finances has seen the Index jump by 11.5 per cent since October last year and consumer sentiment is now at its highest point since December 2010. Locally, the REIV has reported a significant increase in the value of residential auction sales with $1.8 billion worth of homes sold this year, compared to $1.5 billion this time last year, and private sales are estimated to have grown from $3.9 billion to $4.5 billion - these are very encouraging results. Investors, upgraders and first home buyers are rallying - all pushing the clearance rate upwards. The market isn´t showing any signs of slowing down with the fifth biggest auction weekend on record coming up where more than 1,200 homes will go under the hammer. Whether you´re looking to buy or sell, the time for decisive action is now. Call us today for a no obligation discussion to hear how we can help. Greg Hocking

Consumer Confidence Up Again  

Market commentary 20.03.13