Property market strengthens amid tight supply
Australia’s median property price has now increased for seven consecutive months, after rising another 0.7% in August, according to Cotality. Three main factors have been driving this price growth, Cotality said:
- The three interest rate cuts in 2025 have increased buyers’ borrowing capacity
- Wages have been rising faster than inflation, further increasing borrowing capacity
- Demand has been exceeding supply – the number of homes being purchased is about 4% higher than the five-year average, but the number of homes being listed for sale is about 20% below the average for this time of year
Why get a pre-approval before you start your property search
- Show you’re serious – sellers and agents generally prefer dealing with buyers who already have their finance in place
- Know your limit – knowing how much you can borrow means you won’t waste time looking at homes you can’t afford
- Act fast – when you find your dream home, you can make a firm offer without waiting for the bank