According to data from the Bureau of Statistics, the total value of 11 million residences across Australia increased by nearly AU$200 billion in the last three months of 2023, with residential property values rising across states and territories. The national average house price reached AU$933,800. This sustained trend of rising property prices highlights the widening gap in perceived value between homeowners and potential buyers.

Angus Moore, Senior Economist at PropTrack, noted that data from recent years suggests that many buyers, especially those who purchased during the pandemic, have now accumulated more wealth as a result of the substantial increase in house prices. For existing property owners, this allows for earlier upgrades or greater lifestyle flexibility. However, for new buyers or potential buyers, facing continuously rising house prices is indeed challenging.

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PropTrack data indicates that housing affordability has reached its lowest point in 30 years, with house prices rising faster than wage growth, presenting significant difficulties for new buyers. Even with new housing supply entering the market, prices continue to rise, with the house price index reaccelerating in February, setting new records nationwide.

In such a market environment, industry professionals generally believe that if interest rates are lowered later this year, buyer demand will continue to remain strong. Over 1,200 real estate professionals gathered at the Ready24 conference in Sydney to discuss in-depth the current market conditions and future challenges.

Amid supply shortages, significant price rises have been observed in some cities such as Brisbane, Perth, and Adelaide. Buyers are optimistic about the market outlook, expecting potential interest rate cuts to trigger a market rebound. While Melbourne's property market lags relatively, predictions of an impending rate cut have sparked panic-buying sentiments among buyers.