19 Jan 2013

Rising number believe now is time to buy

5:30 pm on 19 January 2013

The number of consumers believing now is a good time to buy a major household item rose to a five-year high in January, even though most people feel financially worse off than a year ago.

The latest ANZ/Roy Morgan consumer confidence index rose four points in January to 118.3. A reading over 100 indicates optimists outweigh pessimists.

A net 38% of consumers believe now is a good time to buy a big-ticket item - the highest reading since 2007.

ANZ chief economist Cameron Bagrie says it's an encouraging signal, though also a little worrying.

Mr Bagrie also says confidence among Aucklanders hit a two-and-a-half-year high in January, boosted by higher property prices

House price expectations are the highest in Auckland and Canterbury, with both regions expecting a lift of 4.4% in prices over the next two years.