May 2026

The property market continues its remarkable run, with the national median house price hitting $1.03 million and units reaching $753,000 at the end of April. Over the past decade, values have more than doubled, a testament to the long-term strength of Australian real estate.

While the RBA’s recent 25 basis point rate hike (responding to 4.6% inflation) introduces some uncertainty and may impact borrowing capacity, the market remains supported by fundamental drivers. Despite higher interest rates, a persistent “supply crunch” remains the dominant force; with construction levels failing to keep pace with population growth, prices continue to grind higher.

While we are seeing some “softness” in specific city sectors, the overall outlook remains resilient. The shortage of new homes and high construction costs act as a floor for prices, ensuring that even as demand moderates, the market holds its ground.

Read the May 2026 Ray White Now report: Click the image below to read the full report.

Thinking of selling or curious about your property’s value in the current climate? Contact the Ray White Carlingford team today for an up-to-date market appraisal.