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Economic snapshot: 4 things to watch this month

Get up to speed with the latest economic update, offering insights into Australia's financial landscape.

Australia's economic landscape is in a state of flux. Data from Finder's Consumer Sentiment Tracker (CST), the Reserve Bank of Australia (RBA), the Australian Bureau of Statistics (ABS), and CoreLogic reveals rising investor home loans, climbing property prices, and record-high credit card spending. To navigate these dynamic trends, it's essential to stay informed. Our latest economic update provides a deep dive into these key indicators, analyzing their causes and exploring the potential ripple effects on your personal finances.

Highlights

  • Total investor home loans in Australia rose 28.3% over the year
  • Average house and unit prices in Australia increased by 8.6% and 7.3% respectively.
  • Record high credit card spending
  • Online food spending reached $1.2 billion.

Investor home loans recover in Australia

Investor home loans in Australia have increased slightly, reaching a total of $8.49 billion according to the latest data from the Australian Bureau of Statistics (ABS). This marks a 4.7% increase from the previous month and a 28.3% increase from the same period last year. The average investor home loan in February 2024 stood at $574,217.

House and unit prices

Median house prices have seen an uptick, with an average increase of 8.6% across all capital cities. Similarly, median unit prices have experienced a notable rise, averaging a 7.3% increase over the past year.

For those considering purchasing a property, here's a snapshot of the average prices of houses and units across different capital cities, along with the corresponding 20% deposit, monthly repayment based on 80% of the average price, and the required household income to stay below mortgage stress level (30%).

Record high credit card spending

Credit card spending reached a record high in February 2024, totaling $35.1 billion, marking a 4.9% increase from the previous year. On average, each credit card saw purchases totaling $2,593.

Online food spending reaches record levels

Online food spending has surged to new heights, reaching $1.2 billion in February 2024. This marks a 3% increase over the month and a significant 16% increase compared to the previous year. Overall, total online expenditure amounted to $4.0 billion, reflecting a 3% uptick from the previous year.

For deeper dives into the numbers shaping Australia's economy, don't miss Finder's Insights Hub. Discover a wealth of statistics, consumer research, and expert commentary – your go-to source for understanding the financial landscape.

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