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Victorians’ sentiment is holding its own

By Jamil Allouche

Confidence levels remain buoyant among many Victorians, as the state has been named the most optimistic in the country. The latest findings from a number of key groups show Victoria is the place to be, which could bode well for buying and selling property in Brunswick.

The Westpac Melbourne Institute's Consumer Sentiment Index for January shows Victoria registered a reading of 105.8. This makes it one of just two mainland states to have recorded a reading higher than 100.

Meanwhile, ANZ commented that household spending is especially strong, which is partly the result of Victoria being immune from the effects of the resources sector downturn.

Acting state treasurer Gavin Jennings said: "Consumer confidence plays a vitally important role in driving economic growth and translates into increased household spending, increased building activity, and increased service delivery."

He also revealed that more jobs are being created throughout the state, which will also have a positive impression on confidence levels.

Sentiment across the country

The Westpac Melbourne Institute Index of Consumer Sentiment shows that these strong confidence levels are not uniform across the country. In fact, the index declined 3.5 per cent in January, putting it at the lowest level since September last year.

Nevertheless, the results aren't all bad news as the reading is still 4.3 per cent higher than a year ago. Much of this recent decline is a result of negative international news, suggested Westpac's chief economist Bill Evans.

If you're in a position to buy Brunswick property this year, then improved levels of confidence could be just what you need to secure a sale. With more people feeling positive about what the future holds, there's every chance your existing home won't be on the market for long.

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