Sitting at the same cash rate, 4.35%, that this whole four year story started climbing toward back in 2023. Useful moment to compare the market underneath that identical number, then versus now.
Median house value has climbed from around $870,000 to north of $1.2 million. Vacancy's loosened from the extreme 0.7 to 0.9% lows to somewhere near 1.4%, still tight, genuinely better. The Gabba question, wide open back then, is now a confirmed demolition and a stadium under construction at Victoria Park. Cross River Rail is years behind its original promise but visibly progressing. Construction insolvencies, after peaking above 3,400 firms in a single year, show early signs of easing.
Same rate. Completely different market underneath it. If there's a single lesson from three and a half years of writing this, it's that the cash rate has never been the whole story here, just one input among several that mattered more than most commentary gave them credit for.