Property prices under pressure

Two of 10 gauges predict prices will fall, one is neutral with a negative bias, four are neutral, two are neutral with a positive bias and one is positive.

"Supply-demand dynamics are positive, but de-leveraging remains the number one priority," the bank's economists said.

Liquidity and serviceability/indebtedness were the two negative gauges, as borrowers keep paying down their existing debt, while demand for credit is still subdued.

Interest rates were neutral with a negative bias, with the Reserve Bank set to hike the Official Cash Rate in coming months, which will lift floating rates.