What are other Readers interested in?

End-of-Month Market Wrap: What Happened in March & What’s Next?

Joel Hynes
Mar 29
3 min read

"March Madness—But Not the Fun Kind"

Imagine this: You've spent months saving for a home deposit, only to watch interest rates rise again—like a villain in a bad horror movie that won't die. Meanwhile, rents are climbing faster than a toddler hyped up on sugar, and first-home buyers are stuck in a game of "Will I Ever Own a House or Just Live in My Parents' Basement Forever?"

Sound familiar? You're not alone.

March was a rollercoaster for the property market. Rates held steady (phew), but prices kept climbing (ugh), and the government rolled out new policies (because they remembered housing existed).

By the end of this post, you'll know:

✅ What went down in March (spoiler: it wasn't Easter eggs).

✅ How new policies could help—or haunt—your property dreams.

✅ What to expect next (and how to stay ahead of the game).

Let's dive in.

Why March Was Like a Bad Tinder Date—Promising but Disappointing

The Big Picture

March was supposed to be the month when things finally cooled off. Instead, the property market pulled a classic "Plot Twist!"

📊 Key Stats (Because Numbers Don't Lie):

Home prices rose another 0.6% nationally (CoreLogic) because gravity doesn't apply to Aussie real estate.
Rents hit record highs—up 10%+ YoY in Sydney and Melbourne (Domain).
Auction clearance rates stayed strong (65%+ in Sydney), proving FOMO is alive and well.

The Plot Thickens: Why Is This Happening?

Supply shortage: We're building homes quickly (ABS says we're 100,000+ homes short of demand).
Immigration boom: More people = more competition = higher prices (thanks to population growth).
Investors are back: With rents soaring, landlords are licking their lips (SQM Research).

Expert Insight:

"The market's stuck in a weird limbo—rates aren't rising, but affordability is still a nightmare."

— Dr. Andrew Wilson, My Housing Market

The Good, The Bad, and The Ugly of March

A. Interest Rates: The RBA Hit Pause (Again)

There is no rate hike in March (thanks, RBA, for the small mercy).
But don't celebrate yet—experts say cuts aren't coming until late 2024 (Finder).

What This Means for You:

✔ Buyers: Borrowing power is still weak, but at least rates aren’t worse.

❌ Sellers: Demand is strong, but buyers are pickier (and poorer).

B. Government Policies: "Helpful or Just Hot Air?"

First Home Guarantee Expansion
- Now 50,000 spots for first-timers (NHFIC).
- Verdict: Great if you qualify, but demand will still outstrip supply.
Zoning Reforms (Finally!)
- NSW fast-tracking approvals for duplexes and townhouses (Planning Portal NSW).
- Verdict: More supply = good, but NIMBYs (Not In My Backyard folks) are fighting it.
Rental Reforms
- Victoria capped rent increases to once every 12 months.
- Verdict: Band-Aid on a bullet wound—landlords hike prices upfront.