OpenAgent have just put out their updated Consumer Sentiment Report for Q3 2019 and it looks like Aussie sellers are feeling good about the future of the market.
Before I share some stats and graphs, you might be wondering
What is ‘Consumer Sentiment’?
Consumer sentiment is an indicator used by economists to measure how optimistic people feel about their finances and the state of the economy.
Why is it important?
When consumer sentiment is up, people are feeling confident in the economy and about their income’s stability, therefore results in more spending and investing behaviours from consumers.
So, what did I learn from the report?
- House prices increased 3.2% in August and September
- Consumer Sentiment is up with Victoria holding the highest consumer sentiment in Q3 compared to other states
- 70% of vendors believing prices will go up within the next six months and only 6% believing prices will go down.”
- Consumer sentiment in Melbourne and Sydney have increased dramatically. In Melbourne, the index went from +1.4 to +4.9 whereas in Sydney, it went from +0.9 to +4.6.
- There have been three consecutive months where metro areas had a higher sentiment than regional areas. Before this, regional areas were outperforming metro areas since May 2018.