April 2025: the second cut

Sydney posted +1.1% for April, Melbourne +0.9%, Brisbane +1.0%, Perth +0.8%. The first synchronous positive month for all five mainland capitals since October 2023. The rate-cut cycle had unambiguously turned property nationally.

With prices rising and supply still constrained, the only meaningful 2025 risk became policy — specifically, whether the Federal Government would respond to renewed affordability pressure with structural tax-policy changes. That risk crystallised exactly one year later.