A review of this week’s economic data, November 13 to November 17.

November 17, 2017

CORELOGIC CAPITAL CITY HOUSE PRICES

Sydney home prices have fallen again, while Melbourne’s have remained flat. The national auction clearance rate lifted to 66.5 per cent in the week to November 12, from the previous week’s adjusted 61.5 per cent which was the lowest since early 2016.  

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AUSTRALIAN BUREAU OF STATISTICS LENDING FINANCE

Commercial loans, including to property investors, in September fell 7.8 per cent, the biggest drop since February, to $40 billion, while home loans to owner-occupiers fell 2.1 per cent to $20.7 billion, according to the ABS.

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ANZ-ROY MORGAN CONSUMER CONFIDENCE WEEKLY SURVEY

A two per cent rise in consumer confidence has bounced the index to a seven-week high, with householders buoyed by improvements in the job market and more optimistic about the state of the economy. But they were more pessimistic about their current finances.

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WESTPAC MELBOURNE INSTITUTE CONSUMER CONFIDENCE SURVEY

Fear of rising home loan rates and current political uncertainty could be behind November’s 1.7 per cent fall in consumer confidence to 99.7. The drop halted a short-lived recovery the previous month and took the index below the 100-point mark, below which pessimists outnumber optimists.

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AUSTRALIAN BUREAU OF STATISTICS (ABS) WAGE PRICE INDEX 

Wages rose by 0.5 per cent in the three months to September 30 as the quarterly wage price index missed market expectations. Economists had forecast a 0.7 per cent bump for the quarter and an annual rate of 2.2 per cent.

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AUSTRALIAN BUREAU OF STATISTICS (ABS) LABOUR FORCE 

A spike in full-time employment and a lower participation rate has driven the unemployment rate to 5.4 per cent, its lowest level since 2013. The total number of people with a job rose by 3,700 in October.