According to Westpac, the rise in confidence was most influenced by the low income segments of the market, as well as by first home buyers. Respondents to the survey who felt that now is a good time to be buying a dwelling increased by 21% last month; an encouraging sign for the market.

The amount of stock on market remians average due to the low number of active buyers. The number of properties being advertised for sale eased last week, with 15,500 new listings. The slowdown in new listings has also seen the total amount of stock level at 156,000 homes advertised for sale. Reports of increased buyer activity are yet to be backed up by an increase in actual sales volumes. Anecdotally, enquiry levels and numbers attending open homes are on the rise but buyers are reluctant to put pen to paper just yet.