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The property markets are seemingly poised for an imminent recovery, according to Mortgage Business’ latest straw poll.
Of the 188 respondents, 54.3 per cent believe the market is on the precipice of revival.
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Data from the Australian Bureau of Statistics supports positive sentiment, with house prices rising 4.2 per cent during the June quarter.
The Reserve Bank of Australia’s decision to keep interest rates at 3 per cent combined with the government’s extension of the first home owners grant boost has also helped to improve consumer sentiment.
Last week, consumer confidence edged towards a two year high.
The Westpac-Melbourne Institute Consumer Sentiment Index increased by 3.7 per cent in August.
According to Westpac senior economist Matthew Hassan, the index has risen 27.8 per cent since May, the biggest three month gain since the survey began in 1975.
