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Wednesday, 14 October 2020

Consumer sentiment surges

Budget booster

Consumer sentiment surged 11.9 per cent following a popular Budget according to Westpac.

Meanwhile for property, says Westpac, confidence has boomed:

"Confidence in the housing market has boomed. 

The ‘time to buy a dwelling’ index increased 10.6% to its highest level since September 2019. 

As with the overall Index the result for NSW (now 120.4) was outstanding with an 11.3% rise compared to 7.0% in Victoria (now 118.0) and 4.4% in Queensland (now 118.6). 

The levels of the index in each of these eastern states are comparable, indicating a high degree of expectation that the Victorian market is set to reopen."

Here's the table:

Source: Westpac

Victoria is an interesting case.

While mobility in most states is returning gradually towards normal, in Victoria this is nowhere near yet being the case.

Source: James Foster

Westpac described the survey as "an extraordinary result", with consumer confidence lifting by 32 per cent in only the past two months. 

Source: Westpac

Consumer sentiment is now at the highest level since July 2018.