Confidence levels continue to rise

Confidence levels continue to rise

No matter whether you're getting onto the property ladder for the first time or looking to refinance your home mortgage, being confident in the wider economy plays a role.

After all, you want to know that your investment will be a sound one, regardless of whether it's been made on a short- or long-term basis.

Results of the ANZ-Roy Morgan Consumer Confidence survey for the week ending October 26 point to a rise in sentiment among Australians - in fact, it has now reached the highest level in 12 weeks.

Chief Economist at ANZ Warren Hogan explained how a variety of economic factors had helped people feel more at ease with what's going on both here and further afield.

"Combined with more evidence last week of a coming pick-up in non-mining business investment and indications that the labour market is gradually strengthening, this gives us more confidence that the gradual transition towards the non-mining economy is continuing," Mr Hogan noted.

There was also the fact volatility in global financial markets has started to slow down, as well as improvements in stock markets over the past week.

All these factors are likely to be taken into consideration when you decide whether the time is right to buy property, especially when you want to ensure the strongest returns possible.

Another aspect you will want to take into account is how well property prices are performing in your chosen location.

The August Commonwealth Bank/RP Data Home Buyers Index showed how the market is weighted in favour of buyers at present, suggesting now could be the right time to make a purchase.

Melbourne and Sydney were identified as the only capital cities where conditions were favouring sellers, while Canberra was no longer one of the top five seller's markets in the nation.

Image credit: Steve wilson

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