“Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up,” Mr Lawless said.
Although the pace of gains has shown some uplift, most regions are still recording value growth well below the highs of last year when the national index rose 1.3% in May.
“Last years’ rate hikes clearly dented capital gains, but higher interest rates haven’t been enough to extinguish growth entirely,” Mr Lawless said. “The shortfall of housing supply relative to housing demand is continuing to place upwards pressure on home values across most regions.
“However, it’s hard to see a significant rebound in values shaping up given downside factors. Affordability constraints, rising unemployment, a slowdown in the rate of household savings and a cautious lending environment, are all factors likely to keep a lid on value growth over the near term.”
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