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Property Boosted By Revived Confidence

Although the economy is often measured in terms of inflation, balance of trade and employment, it is the confidence of households to purchase properties that is a better indication of economic well-being.

Recent Australian Bureau of Statistics figures show a 0.6% increase in the total value of dwelling commitments from December to January. Although this shift is quite modest, it does show movement in the desired direction.

The RP Data-Rismark Home Value Index showed that the value of houses in five of the eight capital cities in Australia increased in February.

On average, house values in the eight capital cities increased by 0.3%. This follows January’s eight-city rise of 1.2%. In Canberra, house prices increased by 1.9%, Melbourne saw a 1.5% rise and Sydney prices rose by 0.1%.

The Westpac-Melbourne Institute Index of Consumer Sentiment revealed an increase of 2% in March and represents the highest confidence figure seen for this index across the last two years.