The latest survey of consumer confidence by Curtin Business School and the state’s Chamber of Commerce and Industry (CCI) showed the proportion of households expecting economic conditions to improve in the next three months had effectively doubled to 25 per cent.

The proportion expecting conditions to deteriorate fell to an equal-record low of just eight per cent.

Longer term expectations have also strengthened, with some 46 per cent of respondents believing economic conditions will improve over the next 12 months, up from 35 per cent in December.

CCI chief economist John Nicolaou said households were feeling better about their finances after increasing savings and paying down debt for almost two years, which could be good news for the retail and housing sectors.

The median house price in Perth has hit $500,000, Real Estate Institute of WA data shows.

Source: PerthNow.com.au