Not even the prospect of a national election announcement or Federal Budget could stall Australia’s favourite asset class in March, with values reaching record highs and demand holding strong.

According to the latest CoreLogic Home Value Index[i], Australian property values rose 0.4% in March, reaching a new national median of $820,331. This marked the second consecutive month of growth following a brief three-month dip.

The monthly rise in values was broad-based, with every mainland capital city and each of the rest-of-state regions recording a positive change.

The monthly change across the capitals included an impressive 1.0% gain in Darwin, followed by a 0.8% increase in Adelaide, and rebounding Melbourne third with 0.5% monthly growth.

“Improved sentiment following the February rate cut is likely the biggest driver of the turnaround in values, along with the cut’s direct influence of a slight improvement in borrowing capacity and mortgage serviceability,” said Tim Lawless, Research Director for CoreLogic.

New data from Raine & Horne supports the renewed optimism, with open-for-inspection (OFI) attendance up almost 3% year-on-year nationally in March. Tasmania recorded the most significant surge in buyer interest, with OFI groups up more than 27.5%. South Australia followed closely, up just over 26% year-on-year, while Victoria saw a 10% increase.

On the supply side, listings and appraisals were down approximately 9% year-on-year nationally, noted Angus Raine, Executive Chairman of Raine & Horne. “This is a typical seasonal trend as temperatures cool in autumn.”

He added, “One of the major advantages of selling in autumn is reduced competition.

“With fewer properties on the market, serious buyers remain, often leading to stronger sale prices. It only takes one decent offer to sell a property.”

Looking ahead, the Reserve Bank’s decision to hold the cash rate steady at 4.1% on 1 April has kept attention firmly on a potential rate cut in May. Angus noted that “a cut in May appears increasingly likely, especially if the US expands its current tariffs and global economic activity slows.”

Shane Oliver, Chief Economist and Head of Investment Strategy at AMP, agreed, stating that the 20 May RBA meeting is “live” for another cut. According to Shane the key factors for the RBA to ahead of the May meeting include the March quarter CPI data due 30 April, developments around Trump’s escalating tariffs, and the RBA’s revised forecasts.

“With trimmed mean inflation likely to come in below RBA forecasts, the trade war likely to escalate and the RBA likely to revise down its underlying inflation forecasts we expect another 0.25% rate cut in May,” Shane said.

Beyond that, Shane expects another cut in August, taking the cash rate down to 3.6% with another rate cut early next year.

If you’re considering listing a property this autumn, contact your local Raine & Horne agent today.

[i] https://www.corelogic.com.au/news-research/news/2025/australian-home-values-recover-to-new-record-highs-in-march?utm_campaign=au-res-hvi-2025-apr&utm_medium=email&_hsenc=p2ANqtz-87Dcig7PhrNXRAoqK15w1aMw_ZKkg5WkgAHhqF57tJ5eItSuyTnIBoAPd6nXiTHu_zXpq4t9OAU8kVlO90HGyk2rcHBQ&_hsmi=354496714&utm_content=354496714&utm_source=hs_email