Interest rate cuts are giving Australian homebuyers a shot of confidence as we head into spring. Real estate agents report stronger numbers at open homes and more bidders at auctions, thanks to three rate cuts already delivered and the prospect of more to come. Traditionally the busiest time of year for property, this spring is expected to be especially competitive as buyers jump back in.

Across the country, prices are on the move. The national median home price reached a record $827k in July, up 4.9% over the past year. Sydney’s median house price climbed 3.4% to $1.564m and units rose 3.2% to $860k, with a three-bedroom house in Thornleigh drawing six bidders and selling for $1.95m. Melbourne’s median house price lifted 2.2% to $983k while units edged 0.6% lower to $609k.

Brisbane remains a standout: its median unit price surged 13% to $715k, with houses up 7.8% to $1.067m; new listings are down 30% while enquiries are up 60%. Adelaide’s median house price rose 9.5% to $916k, and Perth’s median unit price jumped 11.4% to $584k while houses climbed 7.3% to $926k. These figures show buyers are back in force despite limited stock, setting the stage for a busy spring.

For Home Run players, a buoyant spring market means valuations matter more than ever. Two premium Bondi homes are currently live on Home Run’s platform – and you can test your valuation skills by predicting their sale prices. With competition heating up across Australia’s capitals, getting close to the final price could land you the winning bid.