Westpac releases a “Redbook” each month.
This is a detailed analysis of the Consumer Sentiment Survey it conducts with the Melbourne Institute.
There is always a lot in it. But one thing that caught our eye was that consumers surveyed on their property views suggest the boom may have already ended.
Westpac says that the relationship between the answer to the “time to buy a dwelling” question and finance approvals suggests a fall is coming.
Westpac also says: “The latest data suggests price growth may be starting to level out after accelerating through 2013.”
Time will tell of course. But this is a very interesting, and unexpected turn in sentiment toward housing and house prices — with rates still at generational lows.