In October, consumer confidence in the Australian real estate market soared. A consumer survey by Westpac Bank shows that with the support of the federal budget, people are confident in the real estate market. This survey shows that although the new crown epidemic has triggered a recession in Australia, housing price expectations and the index of “now is the time to buy a house” rebounded in the past month.
The national “House Price Expectation” index increased by 31.5%, and all states have seen “impressive recovery”. The “now is the time to buy a house” index increased by 10.6% to 122.2 in the past month, the highest value since September 2019. At the beginning of this year, the confidence index of the Australian real estate market experienced the largest monthly decline in 47 years of survey history.
Westpac chief economist Bill Evans said this is an extraordinary result, saying that the overall consumer index has increased by 32% in the past two months, which is even 10% higher than the average level in the six months before the epidemic. “The strong rebound must be attributed to the response to the federal budget in October, Australia’s success in preventing and controlling the epidemic, and the Reserve Bank of Australia may announce another interest rate cut at its meeting on November 3.” This investigation is also the real estate market during the epidemic. A manifestation of state exceeding expectations. The major banks have revised their forecasts. Due to strong buyer demand, auction clearance rates are also stable.
