Consumer turn bullish housing

Red Book bullish

From Westpac's Red Book, consumers are turning bullish on house prices, with expectations rising to a 15-year high:

"Consumer expectations for house prices are becoming extremely bullish. The Westpac–Melbourne Institute Consumer House Price Expectations Index rose another 5.6% over the three months to October to a new 15yr high of 171.9."

And the table:

Source: Westpac

Consumer spending is likely to be a bit more subdued due to the inflation 'shock' last quarter, and the likelihood of less monetary easing to come. 

Overall, consumer sentiment fell -1.1 per cent over the month.

You can read the full red book here. 

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