- Housing market sentiment at a 12-month high
- Victoria and ACT leading positive market sentiment
- Real estate agents note rise in first home buyers
Australia's housing market is shaking off the winter chill and heading into Spring with a renewed sense of confidence, according to the latest data from NAB's Residential Property Survey.
The NAB Residential Property Index, which measures housing market sentiment*, has risen to +44 in the June quarter, its highest level in a year, driven by recent rate cuts and expectations around further easing.
Positive sentiment was felt across the country, with Victoria seeing the biggest jump from +16 pts to +36 pts, and the ACT turning positive to +30pts after two negative quarters.
Confidence in the housing market also grew in the last quarter, up 11pts to 62pts, the highest in over a year.
NAB Home Lending Executive Denton Pugh said we're continuing to see green shoots of optimism, just in time for the Spring selling season.
"Spring is traditionally the busiest time of year for property sales, and this year is shaping up to be no exception," Mr Pugh said.
"With recent rate cuts and confidence returning, we're seeing more Australians, especially first home buyers, taking steps towards buying a home.
"It's encouraging to see optimism returning – Victoria and the ACT are standouts when it comes to buyer confidence right now, but we expect other states to follow."
According to real estate agents and developers surveyed, first home buyers now make up 34% of those interested in purchasing a property – the highest share since 2022. Victoria led the way for first home buyer interest in the June quarter, at 40%, followed by New South Wales at 36.4%**.
"With more homes expected to hit the market and eager buyers returning, Spring is shaping up to be a season of opportunity," Mr Pugh said.
