Confidence returns to Tasmanian real estate sector
Consumer sentiment is growing in the Tasmanian housing market, with recent figures showing new home sales have spiked across the state.
Recent numbers from the Australian Bureau of Statistics revealed housing finance increased by 2.3 per cent in August and new car sales rose by 2.5 per cent in September.
State premier Lara Giddings said the latest results are a positive result for the Tasmanian economy, indicating confidence among consumers is growing.
"For most of us, buying a house and a new car are the two biggest investments we will make in our lifetimes so the fact that both these sectors are growing is a positive sign for the broader economy," Ms Giddings explained.
The RBA's latest interest rate cut on October 2 is likely to have had an effect on the housing sector, with more people taking advantage of favourable economic conditions to break into the residential property market.
"It is my hope that we will begin to see the improvement in consumer confidence flowing through to the retail sector in the lead-up to Christmas," Ms Giddings added.
Home loan approval increased for the fifth consecutive month from 748 to 765 between July and August - slightly down on 793 approvals in the same month last year.