Toilet paper not the only thing on Aussie wishlists, homes are too

first_imgCommonwealth Bank chief economist Michael Blythe said the rise in house prices was also having a positive impact on motor vehicle spending intentions.“Home buying intentions are running at an elevated pace at the top end of the historical range,” he said in the latest HSI update.“But,” he added, “the period of rapid acceleration appears to be over. RBA rate cuts in March and probably again later this week would be expected to support buying intentions despite the current uncertainties.”The area that was seeing a rise was vehicle spending intentions, which turned up in late 2019, and continued through January and February. “It is reasonable to attribute this lift to the turn in house prices that is now boosting household wealth. As noted previously, this trend is significant because RBA research has revealed vehicle spending as the most sensitive to changes in wealth.”More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago“A positive “wealth effect” could eventually spillover to other areas of consumer activity. It is one of the few positives in the consumer story given the ongoing weakness in fundamental drivers like household income.”The twin hits of bushfires and coronavirus were impacting tourism and education, he said.“The emerging consensus is that the bushfires probably knocked 0.2ppts off economic growth over Q4/Q1. And the virus could take a further 0.5ppts out of Q1.”He said the two sectors made up 5 per cent of GDP and 7 per cent of jobs.“HSI readings for the early months of 2020 show reason for concern: Travel spending intentions moved sharply lower in January/February and are now running at the lowest pace over the life of the series. Education spending intentions remain in positive territory but the rate of growth has slowed sharply in recent months.” FOLLOW SOPHIE FOSTER ON TWITTER Cheapest mortgages in history for Aussie homeowners Home buying intentions remain at elevated levels, according to the latest CBA Household Spending Intentions survey.Toilet paper might seem to have been top of Aussie wishlists of late, but a new survey has found homes still are too despite coronavirus.The latest Big Four bank survey of household spending intentions out Tuesday found that home buying continued to sit high on the spending intentions list, even though most other areas were down. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 MORE: Save the world in your backyard Hands free homebuying, gloves set to be the normlast_img

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