House prices are likely to stabilise but hopes that a spending spree from home owners could boost the economy are fading amid warnings the Sydney and Melbourne property markets are experiencing a "dead cat bounce".

Economists who took part in the Scope survey for the Sydney Morning Herald and The Age believe that while there are some positive signs on the housing front the days of strong increases in prices - and with it household spending - are a long way off.

CoreLogic reported this week that national dwelling values increased by 0.1 per cent in July, the first lift since September 2017 and a possible sign that Australia’s housing correction had come to an end.

But across all Scope participants, no-one was prepared to argue property prices are set to soar.