Australia's commercial property market sentiment reached an eight-year high in the March quarter, with the National Australia Bank Commercial Property Index up to 24 points from 13 points in the preceding three-month period, according to a Thursday report.

This was attributed to increased optimism following the rate cut in February, as well as hopes for further easing.

The central business district hotel property segment was the most upbeat, followed by industrial and retail. Sentiment was also positive in the office property segment.

By region, property sentiment was highest in Queensland, followed by New South Wales. It eased in South Australia and Northern Territories