Consumer confidence in Australian property on the rise, report notes

Tuesday 20 July 2010

Article by Mozo

The latest ‘Time to Buy a Dwelling’ index, which has once again been published alongside the Westpac-Melbourne Institute Consumer House Price Expectations Index, suggests that, despite uncertainly still clouding the national economy, growing numbers of people are confident that now, or in the near future, represents a good time to make a home loan comparison.

Indeed, the index was seen to rise by 15 per cent between June and July alone, meaning consumers are now more confident over the prospect of buying a property than at any point in the past three months.

At the same time, the Consumer House Price Expectations Index dropped to 58.8 per cent at the start of July in comparison to the figure of 79.3 per cent recorded in April.

Notably, just 12 per cent of those consumers polled said that they expect house prices in Australia to fall over the next few months.

Just this week, a new report from the Economist noted that Australia could be home to some of the most-overvalued property in the world.

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