Australia’s housing market is showing renewed momentum as Spring approaches, with buyer confidence reaching a 12-month high, according to NAB’s Residential Property Survey.
The NAB Residential Property Index, which tracks market sentiment*, rose to +44 in the June quarter, its strongest reading in a year. The increase is attributed to recent interest rate cuts and expectations of further easing.
The upswing in sentiment was most pronounced in Victoria, where the index jumped from +16 to +36 points, while the ACT turned positive at +30 points after two quarters of decline. Overall housing market confidence climbed 11 points to 62, marking its highest level since last year.
NAB Home Lending Executive Denton Pugh said: “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.”
First home buyers now make up 34% of prospective buyers, the highest proportion since 2022.
Victoria led the trend with 40% of first-home buyer interest in the June quarter, followed by New South Wales at 36.4%.
