July delivered another steady month for the Australian property market. Most capitals recorded modest gains or plateaued after five months of growth.

Brisbane and Perth continue to lead, underpinned by affordability, migration, and major infrastructure projects. Sydney is showing renewed competition in prestige and select middle-ring suburbs as investors re-enter.

Rental yields remain attractive, but state-based rental reforms are prompting many investors to revisit their approach. Cost-of-living pressures are reducing first-home buyer activity, while supply remains restricted due to construction delays and land shortages.

One shift to watch: the unemployment rate ticked up to 4.3% in the latest figures. While still relatively low, it’s a potential pressure point. As job insecurity rises (or even the fear of it), we may start to see softening demand and downward pressure on prices in certain areas.

For investors, the message is clear: this isn’t the time for guesswork. Focus on high-demand growth corridors, stay informed on policy shifts, and take a long-term view. Strategy—not speculation—remains the edge.