Economy solid in 2014
There's plenty of data to back up the rumour that Australia will be a star performer among the global economies of 2014.
The National Australia Bank Business Survey shows business confidence has recently risen to its highest level since March 2010. When coupled with low interest rates, households have been given a tremendous boost - especially in the areas of home loan and credit card debt.
The ING DIRECT Financial Wellbeing Index for the third quarter of 2013 also boasts a record high. The index - which monitors credit card and mortgage debt, savings, investments, household income and ability to pay bills - showed that 69 per cent of households were 'very comfortable' with their mortgage.
The trend is also up for housing construction, particularly when it comes to units and medium-density dwellings (i.e., detached, semi-attached and multi unit housing). According to the Australian Housing Outlook Report 2013-2016, Sydney, Perth and Brisbane are expected to drive the housing market over this period. The report shows that housing affordability has improved in nearly all capital cities to its best level since the early 2000s, outside of the brief period of low interest rates during the global financial crisis.
The data spells good news for Australian home owners and investors as we make plans for the year ahead.