Nationwide consumer confidence levels have reached seven year highs, and so have property-buying intentions.

These results come from the Westpac-Melbourne Institute Index of Consumer Confidence, which is now 13% higher than the six-month average leading up to March.

The survey was conducted in the week of November 2nd, so these results predate several announcements about the easing of restrictions in Victoria and coronavirus vaccine trials.

Bill Evans, Chief Economist at Westpac, thinks that further boosts in confidence are on the way in the wake of these announcements.

He said, “Recent editions of the survey have highlighted the significant recovery in confidence around the housing market. The November result accelerates that trend.

The ‘time to buy a dwelling’ index surged 8% from 122.2 to 132 – the highest reading since November 2013. The index is 11% above its level from a year ago.”

These results from Westpac are signalling a resurgence to come in the property market.