On a rolling four-week basis, latest data from property CoreLogic showed there were marginal lifts in Sydney (0.8 per cent), Melbourne (0.2) and Perth (0.1).
Brisbane was unchanged, while Adelaide is now the weakest of the five largest capitals with values down 0.4 per cent.
The momentum in Australia’s housing downturn has been easing since September, with value falls virtually flat lining in February.
A lower than normal flow of new properties for sale had cushioned the market, the report said, with capital city listings over the past four weeks almost 20 per cent below the previous five-year average for this time of the year.
“Such low advertised supply is likely to be a central factor keeping a floor under housing prices despite a clear drop in demand,” the report said.
The surge in permanent and long-term migrants back to Australia could be another factor supporting the stronger market conditions, analysts suggested.
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But the report warned of tough times ahead.
“The housing market is still facing some considerable downside risk,” analysts said, adding that “with this in mind, it’s still too early to call a bottom of the cycle.”
Interest rates may rise again, following this month’s 10th consecutive hike since May last year.
“We are yet to see the full impact on households from the aggressive rate hiking cycle to date,” the report said.
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The report said the next few months “will be critical” to understand whether the housing market is moving through an inflection point or “if it is simply the eye of the storm”.