Australia’s housing market is showing fresh momentum, with falling interest rates boosting buyer confidence and listings. NAB executive Denton Pugh says the sector has “reached a turning point” following the RBA’s February rate cut, with further reductions expected. “This isn’t a boom, but the tone has changed,” he said, citing a rise in first-home buyer and upgrader activity.

March saw national home prices lift 0.4%, with gains strongest in Darwin, Adelaide, and Brisbane. Listings rose 6.1% year-on-year, led by Sydney and Perth. REA’s Angus Moore noted that lower borrowing costs and rising prices were encouraging sellers back into the market.

Despite renewed activity, affordability and supply issues persist. PropTrack data shows modest national growth of 0.3% in March, with Sydney and Canberra leading. REA economist Eleanor Creagh expects steady, measured growth to continue. Meanwhile, debate continues over Labor’s proposal to expand the First Home Guarantee Scheme. Critics warn it may fuel demand without solving supply, while supporters say it could ease deposit barriers for younger buyers.