The pause in interest rate rises has lured more buyers into the market according to CoreLogic.
It says the number of buyers is keeping pace with the supply of homes offered for sale, even as the trend in new listings rises.
The months of supply, which measures the number of listings against the estimated number of sales, has fallen to 1.7 months nationally, which is down from 2.1 months in February and lower than the decade average of 2.4 months.
CoreLogic Research director Tim Lawless says this means the measure of supply versus demand remains well below the long run average.
“Although the trend in new listings has been rising, the total listing trend has held reasonably firm across most cities. At the moment it seems like the extra supply coming on the market is being absorbed.”
Even though supply is starting to increase, property prices are still on the rise with national dwelling values up by 0.7% in July.