If you're thinking of buying or selling a home this spring, there are five factors to watch out for that are shaping property markets right across Australia.
Rising home prices, interest rate cuts, new investor hotspots, shifting housing supply and a new boost for first-home buyers are set to dominate this spring selling season.
The next three months will be closely watched since spring is the most popular time to sell a home in Australia, when homes and gardens look their best.
REA Group senior economist Eleanor Creagh said Australia's housing market was poised for more home price growth.
"Looking ahead, the combination of lower interest rates, increased borrowing capacities and improved sentiment is expected to continue to drive demand," she said.
"Constrained new housing supply, strong population growth and the expansion of the Home Guarantee Scheme from October will also maintain upward pressure on prices."
Households have been delivered some interest rate relief this year, following the Reserve Bank of Australia's interest rate cuts in February, May and August.
Mortgage rates, while still elevated compared with pre-pandemic levels, have eased enough to improve borrowing capacity for homeowners and home buyers.
Lenders have also been competing more aggressively on fixed-rate loans, offering sharper deals to attract business.
The rate cuts have not only boosted borrowing capacities, but they have improved sentiment and drawn buyers back into the property market, according to Bec Owens, real estate agent and sales manager at Peterswald in Hobart.
"The rate cuts that we've already had have started to give people a bit more confidence to move forward with transactions," she said.
"We expect that our spring is looking shaping up to be quite busy, particularly if we do get another boost in confidence from further interest rate cuts."
Aussie home prices have been rising this year, with the latest PropTrack Home Price Index recording eight consecutive months of national price growth.
National home prices rose 0.5% in August, and were up 5.3% over the past year, adding almost $48,000 to the value of the median home price in Australia.
But property markets have been moving at different speeds throughout the country, with the biggest capital cities, Sydney and Melbourne, making a comeback.
"Demand has re‑accelerated in Sydney and Melbourne, marking a turnaround from the slower conditions observed in late 2024," Ms Creagh said.
"By contrast, Adelaide and Perth are still growing briskly, but at a slower pace compared to the same period last year."
The reignition of home price growth in Australia's biggest cities has been driving some buyers, especially first-home buyers, to act sooner in case home prices grew beyond their reach again.
But there is a little more help on the way for first-home buyers this spring after the federal government brought forward the start date of its expanded 5% deposit scheme to October rather than next year.
It will help first-home buyers get into the property market sooner, allowing them to apply for a home loan with just a 5% deposit while avoiding paying costly lenders mortgage insurance (LMI).
Property experts have welcomed the scheme while also acknowledging that this will have the effect of putting more money into certain market segments, therefore pushing prices up.
"There can be no doubt, that at least in the short term, that this announcement will see home prices rise," Housing Industry Association chief economist Tim Reardon said.
"Removing the requirement for LMI provides [first-home buyers] with an extra $25,000 in their deposit and will see more FHBs active in the market from 1 October 2025."
Property investors are likely to be on the move as well this spring, thanks to lower borrowing costs and rising home prices.
In recent years, investors have made their mark on Brisbane, Adelaide and Perth to ride the rising home price tide, but many investors have trained their sights on a new capital city in recent times.
Darwin has become an investor hotspot as a result of its affordable property prices and increasing rents, according to Elders Top End Group real estate agent Derek Hart.
"We don't just have local buyers now, we have investors coming into Darwin, and it's increasing prices," he said.
"We've got the cheapest properties out of the capital cities and some of the highest rents, so the yield returns are a huge attraction for investors."
Mr Hart said the Darwin property market was the most buoyant it had been in the 18 years he had been selling homes.
And the numbers back it up, with the median home price in Darwin growing 10.4% during the year to August, according to PropTrack.
Going into spring, the number of homes that would be available for sale was unclear, but real estate agents were hopeful that listings would rise.
The latest data showed that new listings were down 7.7% year-on-year in July nationally, but it varied city by city.
Canberra new listings were only 0.4% lower in July compared to the same time last year, but at the other end, Hobart new listings were down by 13.5% during the same period.
In places like Perth, there was a shortage of homes for sale, which made the local property market fiercely competitive, real estate agent and sales associate at Peard Real Estate - Hillarys, Gemma Andrews, said.
"We expect a rise in listings as part of the seasonal market cycle, providing more opportunities for buyers," Ms Andrews said.
New home construction remains patchy across the country, keeping the pressure on home prices for new and existing homes.