Homebuyer confidence at its highest level for 6 years

Genworth released its Homebuyer confidence index for July, showing the gauge at its highest level for 6 years.

The index increased by more than 7% from 93.4 to 100.1

The main driver of the increase was the state of New South Wales, although in fact confidence increased across every state.

Given how the index is measured, the combination of increasing prices and lower interest rates mean that it is unsurprising to see the gauge moving up strongly.

Source: Residex

Meanwhile, Residex reports that Sydney's property market is at its strongest in 20 years, with house prices increasing by 7.37% over the past 12 months.

Residex CEO John Edwards noted the auction clearance rates moving above 80% as another indicator of the strength of Sydney's property markets.