The overall index decreased 2.6 points during the last week of February, now 13.1 points below the same week a year ago.

Consumer Confidence in Queensland was down 10.4 points to 90.0 as homes have been flooded across the region.

Western Australia also took a turn this week, down 5 points to 97.4 as the state's Covid cases increased rapidly over the past few weeks.

According to Roy Morgan, just 14% of Australians expect ‘good times’ for the Australian economy over the next 12 months compared to 25% that expect ‘bad times’.

ANZ Head of Australian Economics David Plank said confidence dropped 2.6% last week amid rising COVID cases in WA, floods in Queensland and northern NSW and escalating geopolitical tensions.

"Most of the decline took place during the latter part of the week as daily COVID cases breached 1,000 in WA, massive storms battered the east coast and the invasion of Ukraine began," he said.

"Confidence fell 1.8% in Victoria, 10.9% in Queensland and 4.9% in WA, while it rose 0.7% in NSW and 3.6% in SA.

"The fact Queensland and WA fell the most suggests local factors were key. Household inflation expectation surged to a new seven-year high at 5.3% as retail petrol prices continued to climb higher."

The report also noted almost two-thirds of the interviews for this week’s Consumer Confidence report were conducted prior to Russia's invasion of Ukraine. 

What to expect for post-flood property market?

According to CoreLogic, following the Brisbane floods in 2011, the city’s dwelling values sustained a 6.1% decline from January 2011 to January 2012.

However CoreLogic said it is difficult to isolate the impact of flooding on property values, as Brisbane dwelling values were already trending lower from mid-2010.

This decline was triggered by a tightening in monetary policy amid a resources boom and Australia’s recovery from the GFC.

Research from real estate network PRD indicates the hardest-hit suburbs to record median house price falls in the 12 months after the 2011 floods included Albion (-16.2%), New Farm (-27.6%), and South Brisbane (-40%).

However Propertyology's head of research Simon Pressley told Savings.com.au on Wednesday he expected volume not value, to be impacted. 

"If anything, the torrential rain will cause a reduction in the volume of properties listed for sale and for rent at a time when they are already at record lows," he said.


Advertisement

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
90%
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Dominik Van Opdenbosch via Unsplash





Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy