House prices buoy the con­sumer sen­ti­ment in­dex

Port Douglas & Mossman Gazette - - FRONT PAGE -

AF­TER a mod­est fall last month the West­pac-Mel­bourne In­sti­tute Con­sumer Sen­ti­ment In­dex has re­turned to be back near its pre­vi­ous peaks in 2013 reg­is­tered in March and Septem­ber. Th­ese are the high­est reads since the July-De­cem­ber pe­riod in 2010 when the In­dex av­er­aged an im­pres­sive 114. It is en­cour­ag­ing that the In­dex has re­turned to th­ese lev­els af­ter it surged 4.7 per cent in Septem­ber fol­low­ing the elec­tion re­sult. The sur­vey was con­ducted in a week when the Re­serve Bank kept rates on hold and the un­em­ploy­ment rate was re­ported to have held at 5.7 per cent. Im­por­tantly, house prices were re­ported to have risen by 1.9 per cent in the Septem­ber quar­ter.. This theme around the im­pact of house prices on con­fi­dence was ap­par­ent in the state mea­sures. State Con­sumer Sen­ti­ment In­dexes were up 7.7 per cent in NSW and 3.2 per cent in WA but rose only 0.9 per cent in Vic­to­ria.

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