PRD Q2 Key Market Indicator Awards bring good news
The just-released Q2 2018 Key Market Indicators bring good news! PRD’s research currently shows the Australian Consumer Sentiment is above the positive line (100 index points), sitting at 102.4 index points as of April. This is a 3.4% increase over the past 12 months and showcases a stable pattern of a positive consumer index when compared to the previous Q1 key market indicators (102.7 index points).
Dr Diaswati Mardiasmo, PRD National Research Manager, commented “the latest PRD research release brings good news and shows continued confidence in the strength of the national economy. This should further encourage consumer spending across retail, household goods and the property sector”.
Nationally, Victoria has come out as a clear winner in the Q2 2018 Key Market Indicator Awards, taking out 7 awards nationally (4 golds, 2 silvers and 1 bronze). Victoria has also edged out South Australia to take the lead for highest median weekly family income growth (2.8%), with South Australia claiming a silver award nationally (2.6%) equal to Tasmania. The Australian Capital Territory continues to stand out in the highest median weekly family income category at $2,664.
Victoria has maintained its gold award status quarter on quarter in the highest number of first home buyer loans category, recording 9,892 loans in the December quarter of 2017. The state with the most improved number of first home buyer loans goes to New South Wales who have kept their gold award status in Q2, increasing by 74.9% compared to 70.9%. This is seen as a result of Sydney’s cooling property prices and increasing number of stock being supplied in the outer ring and regional New South Wales. Tasmania had a disappointing run this quarter, previously known as the more affordable option in comparison to New South Wales, it recorded the lowest growth in the number of first home buyer loans at 4.0%.
Regarding home loan affordability, the Australian Capital Territory once again takes the gold award nationally for highest home loan affordability index reading in Q2 at 51.0 index points, which is well above the Australian average of 31.6 index points. Overall, Australian home loan affordability increased by a mere 0.3% over the past 12 months. The Australian Capital Territory has lost its leadership position to Northern Territory for most improved home affordability loan index growth whose affordability loan index grew by a positive 8.1% over the past 12 months.
Download the full report: Q2 2018 Key Market Indicators
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