Spending on Aussie credit cards 'will give property market a boost'

The Australian economy remains strong, says an expert.

Those in the Australian housing market are largely dependent upon people spending on credit cards if the sector is to return to its former strength.

Eynas Brodie, editor of Australian Property Investors, said consumer confidence is a key determining factor in the prosperity of the real estate industry.

She noted that Australia's core economy has solidity and lucrative assets to its name and is in a good position to withstand any threats.

"With relatively steady interest rates, low unemployment and a massive mining boom about to get into full swing, the economic fundamentals of Australia remain strong," Ms Brodie stated.

The expert added that once consumer confidence is restored – perhaps through increased credit cards spending – money will return to housing.

Recent statistics released by the Reserve Bank of Australia found that the use of plastic in Aussie transactions has increased in the last year, along with the popularity of debit cards.

By Joe Letts