The hairpin turn in the state's consumer spending left the checkout tills doing just 1per cent better in April than they had a year earlier. Department stores were doing best, but specialist retailers of household or recreational goods reported sales well below those of a year ago. But at national level household goods and department stores were keeping the retail figures from looking much worse. Australian Retail Traders Association chief executive Phil Naylor said the feedback from retailers was that the slowdown to April reflected interest rate rises rather than the GST, although the May and June figures might be another story. Bureau figures show the rapid growth in Melbourne's house prices slowed abruptly in the March quarter, up 1.5 per cent, the lowest increase for 18 months.
Estate agents estimate that the market has since peaked.
The Age Company Ltd 2000. Any unauthorised use, copying or mirroring is prohibited.