An upswing in confidence across the property market has all sorts of advantages. Not only does it give lenders more incentive to give buyers access to finance, but people are also inclined to make big-ticket purchases such as property.
The latest ANZ/Property Council Survey is likely to be interesting reading if you're thinking of moving into property in Carnegie, as it points to rising confidence throughout the country.
Readings of 100 on the index are generally considered to be neutral, so the September quarter result of 131 is going to be especially pleasing. This was unchanged from the previous three-month period, showing that stability might be returning to the Australian property market.
Victoria was among the states to have witnessed this upward trend. Its reading increased from 131 to 134 quarter-on-quarter, showing that confidence is slightly above the national average.
Ken Morrison, chief executive of the Property Council, explained that it's important for the sector to thrive at the moment, especially now the mining boom is coming to an end. Although Victoria has been immune to most of the effects of the downswing, this isn't the case for many other states.
There's further good news for the would-be buyers of property in Carnegie, as the ANZ-Roy Morgan Consumer Confidence Index also shows that people are more positive about the future. During the week to 28 July, consumers' perceptions of their finances were the main drivers behind the 0.6 per cent increase.
Over the past few quarters, consumers have been largely optimistic about their finances, even as their concerns surrounding the economy started to grow.
Are you hoping to buy property in the near future? Make sure you get in touch with the team at Ray White Carnegie and we'll help you find a home that's suited to your needs.