Despite Concerns For The Economy, Housing Market Fairing Well

Many consumers believe this is the best time to contact home removals in Sydney as they plan to purchase a house with only a minimal increase to the pricing in the market. This is according to a new study that revealed good feelings from the consumers despite the unending worries that the economy might not be doing great in the coming years.

Westpac recently conducted a survey to gauge the sentiment of the consumers and it was found out that the general consensus is that many are worried and they are not as enthusiastic as before. This is with regards to the rate cuts announced by the Reserve Bank which impacts the housing market, as reported by Matthew Hassan who is the senior economist of Westpac.

He said that the sentiment of the consumers when it comes to the housing market is proof of how they feel regarding the decline in interest rates but it still stands that the gains before are not as loud as they have been in the previous rate cuts imposed.

Based on the index, purchasing a house means there will be a 1.8 per cent increase in the prices bringing it to 116.9 points. This number is still lower in comparison to the 10 per cent increase that happened after the cut was announced in 2016.

There is a significant increase in price expectations but this is still lacking to create a impact with regards to increasing the house prices in the market.

Mr. Hassan said that there is a spectacular increase with the expectations with regards to house pricing which reached 22.7 per cent. This is a record high since August of last year but still the figure is below the average that has been recorded for a while.

Early this month, the RBA announced that they are going to have a cut which is said to be the lowest in the history as it is only 1.25 per cent. With the current situation in the market, companies offering home removals in Sydney are already optimistic about the business condition in the coming months.


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