Low levels of stock throughout most markets means property prices are once again starting to rise.

CoreLogic’s national Home Value Index shows the pace of house price growth accelerated to 1.2% in May, its third consecutive monthly rise since March.

While PropTrack’s Home Price Index puts the increase at 2% across the combined capital cities for the year to date and says in May values went up by 0.33%.

PropTrack senior economist Eleanor Creagh says the rise in prices seen so far this year gathered pace in May, broadening and accelerating across markets.

Creagh says sellers are benefitting from the reduced levels of competition with other vendors.

While Lawless says advertised listings trended lower through May with roughly 1800 fewer capital city homes advertised for sale relative to the end of April.

“Inventory levels are 15.3% lower than they were at the same time last year and 24.4% below the previous five-year average for this time of year,” he says.