Retail sales are up by 4.7% over the year to June 2015 according to the latest edition of the Deloitte Access Economics’ Retail Forecasts subscriber report.
House prices reaching new highs in Sydney and Melbourne this winter has been tipped as the main reason for stronger retail spending growth. The continued boom in household goods retailing has bolstered sales figures with the sector experiencing growth in the double digits.
Acknowledging the strength of the Sydney and Melbourne housing market, New South Wales retailers saw the strongest sales outcomes over the 2014-15 financial year, followed by Victoria
Nonetheless, the report warns that any future correction or ‘levelling off’ in the housing market could cause some collateral damage to retail spending.