Looking back at the whole year, it's a genuinely different story from the two before it. 2023 and 2024 were about resilience through the fastest hiking cycle in decades. This year was about navigating the opposite problem, rates cutting three times, the median crossing a million dollars, growth accelerating fast enough that I spent more time this year worrying about missing the market than about surviving it.
Alongside all that, the Gabba question finally got settled after two years of reversals, and the build-to-rent concessions hit their two year mark with capital committed but supply still years away.
Heading into next year without a clean read on where rates go from here, three months of holds at 3.60% could mean we're done cutting, or just pausing. Either way, the fundamentals underneath all of it haven't wavered once since this whole run started.