House price growth could slip below 5 per cent nationally this financial year in a marked slowdown on the gains of the past 12 months, as affordability and high borrowing costs take the edge off strong underlying demand, property experts say.

Home values jumped 8 per cent nationally in the 2023 financial year, defying high interest rates as surging demand, underpinned by population growth, ran up hard against a chronic shortfall in housing availability.