PHOTO: The worst is over, May data says. Source: Supplied

Despite the steady flow of positive news for the property sector, the market still lost value in the latest figures released today.

The pace of the nation’s property market decline slowed further in May, with expectations of a rate cut and reforms to mortgage serviceability requirements lifting sentiment.

The monthly report card from data firm CoreLogic showed the drop in national dwelling values slowed from 0.5 per cent to 0.4 per cent in May, primarily driven by a slower rate of decline in Sydney and Melbourne.

CoreLogic head of research Tim Lawless said, while the housing market remained in a broadbased downturn, the outlook was more positive now than it was before the federal election.