According to the Westpac Melbourne Institute Index of Consumer Sentiment, confidence rose 3.9% in November, the highest it’s been since January 2015, and bringing it 8.3% higher than in September.
Mortgage Choice chief executive officer John Flavell said a better than expected consumer sentiment result influenced the RBA’s decision to leave the cash rate on hold at 2.0%
Flavell says consumers are upbeat about Christmas spending this year, with one in five Australians stating that they plan to spend more this year.
But some economists are predicting a cash rate rise in the not-too-distant future. So, for those thinking of buying property in the New Year, now is a good time to start looking while rates are still low and lenders are hungry for business.