Mortgage Business Housing sentiment slumps as costs rise: Westpac By Malavika Santhebennur 24 May 2021 Home buyers increasingly believe that now is not the “time to buy” property as deteriorating affordability issues weigh on their minds, according to new research. The Westpac-Melbourne Institute Index of Consumer Sentiment has revealed that the “time to buy a dwelling” index fell by 3.4 per cent from 107.2 in April 2021 to 103.5 in May 2021. According to the research, this is now 21.6 per cent below its recent peak in November 2020, and 15.7 points below its long-run average. The research also showed that Victoria recorded a 20 per cent fall in the index in May, which Westpac chief economist Bill Evans called “disturbing”.