Australia's Property Market Just Hit 9.6%, And It's Not Done Yet

The latest NAB Housing Monitor has confirmed what many buyers are already feeling: this market is not slowing down anytime soon. Australian dwelling prices rose 0.6% in February alone, and over the past year, values have climbed close to 9.6%. The national median is now sitting around $900,000. That is a big number, and for many buyers, it is getting harder to ignore. Perth, Brisbane, and Darwin are leading the charge right now. Population growth, tight rental supply, and a construction pipeline that can't keep pace, these are the cities where all three are hitting at once, and prices are reflecting that pretty clearly. Perth in particular keeps standing out; demand is strong, listings are limited, and prices continue to move.

Source

Sydney and Melbourne are still growing, but at a slower pace. Affordability is doing its job there, pushing the ceiling lower and making it tougher for buyers to find value without stretching their budget.

Vacancy rates nationally are sitting near 1.6%, and advertised rents are growing around 6% annually. For investors, that is a strong signal. Tight rental supply means solid rental yields, and in cities like Brisbane and Perth, the numbers are stacking up well for buy-and-hold strategies.

Why Housing Supply is Still the Real Issue

Construction labour shortages are slowing builds across the country. There is a large pipeline of homes approved and underway, but delivery is lagging. Until supply catches up with demand, and that could still be years away, competition among buyers will stay fierce. This is exactly why timing and strategy matter so much right now. Waiting for the market to cool may not be the right move. And jumping in without proper guidance can cost you more than you expect.

What Does this Mean if You are Buying Soon

As buyer's agents, we are seeing buyers caught off guard by how fast conditions shift. Pre-approval is not optional in this environment; it is the difference between securing a property and watching it go to someone else. Knowing which suburbs offer long-term growth versus short-term noise is where local expertise becomes your biggest advantage.

Mid-sized capitals and entry-level price points are showing strong demand. If you are an investor, the opportunity window in certain markets is open right now, but it will not stay open forever.

Ready to make your move?

At Prowealth Properties, we help buyers cut through the noise and make decisions they actually feel good about, whether you're buying your first home or adding another property to your portfolio. Give us a call at +61 433 853 248 or book a free consultation online whenever you're ready to chat. And if you want to keep up with what's happening in the market, follow us on Instagram and LinkedIn for regular updates and property tips.