property market

‘Boomed’: Why Aussies are feeling so good about the property market

PHOTO: A pedestrian crosses a street in The Rocks area of Sydney, Australia, on Tuesday, Oct. 13, 2020. (Photographer: Brent Lewin/Bloomberg via Getty)

Australians all across the country are feeling “clear optimism” about the housing market, new data from Westpac has revealed.

According to the latest Westpac-Melbourne Institute Index of Consumer Sentiment, the percentage of Aussies who feel it is ‘time to buy a dwelling’ rose by 10.6 per cent to a level not seen since September 2019.

“Confidence in the housing market has boomed,” Westpac chief economist Bill Evans said.

New South Wales residents revealed a significant surge in optimism, with the index revealing an “outstanding” rise of 11.3 per cent for this state, while Victoria rose by 7 per cent and Queensland rose by 4.4 per cent.

But Aussies from Western Australia and South Australia are the most optimistic about the property market.

“The two states that have traditionally lagged the eastern states in the housing market but which are now dealing most successfully with the virus are standouts with respect to confidence around housing: WA is up 29 per cent [on Westpac’s ‘time to buy a dwelling’ index] and SA has lifted by 10 per cent.”

Property experts also flagged Perth as a rising star, with this housing market described as one of the “busiest markets in Australia”.

CoreLogic figures reveal sellers in this city are becoming listing-happy, with Perth posting 286 new listings in the four weeks to 20 September, a signal of increasing confidence.