Foreword
How fast are Australian property prices rising? This couple bought their first home, and within just three months, the value had already jumped by tens of thousands of dollars!

In February this year, 27-year-old Cassandra Harris and her 28-year-old partner Matt entered the property market in Wollongong, NSW, purchasing their very first home.

The property they chose was an older two-bedroom house. While the dwelling itself was dated, the large 800-square-meter block, great orientation, and abundant natural light gave them confidence in its renovation potential.

But buying the property was far from easy. The open house attracted a flood of buyers, sparking a bidding war.

Cassandra admitted the competition was intense and at one point she doubted they could secure the home. Initially, the couple offered AUD 750,000. However, the agent hinted there were higher offers without revealing exact figures, leaving them to guess the “sweet spot” that would secure the deal without going overboard.

Eventually, they pushed their bid to AUD 785,000—well above their budget. Cassandra recalled the immense stress at the time but decided to take the risk.

Fortunately, their gamble paid off, and their offer was accepted.

Still, the joy of success was short-lived. The purchase had nearly drained their savings, leaving them uneasy. Cassandra later reflected that their decision was largely based on intuition—a move that now felt both impulsive and nerve-racking.

According to experienced agent Cae Thomas, this strategy is common in the industry: agents are required to be fully transparent with sellers but not with buyers, often creating a “fear of missing out” environment that drives prices higher.

By March, the couple had officially settled the property, but doubts about overpaying still lingered.

The turning point came in July, when a new valuation revealed their home’s value had already increased by AUD 60,000 since purchase.

Cassandra was thrilled: “We never imagined the price would rise so quickly. We thought we’d have to wait at least a year or two to see any return.”

Data from realestate.com.au supports this surge—Wollongong’s median house price rose 4.5% year-on-year in 2025, outpacing Sydney’s 2024 growth of just 3.2%. The speed of appreciation exceeded all their expectations.

With the newfound equity, the couple refinanced and began renovations, successfully transforming the property into a three-bedroom home.

Cassandra explained that in today’s tight housing market, compromises are unavoidable. Buyers either have to accept lower-quality homes or consider less desirable locations. For them, location was the top priority, so they committed to doing the renovations themselves.

Though the renovation process was often exhausting, they enjoyed it. Budget constraints meant they couldn’t replicate the glamorous makeovers seen online, which was sometimes disheartening, but it never diminished their sense of achievement.

Cassandra’s real estate journey, however, didn’t start here. At 22, she bought her first investment property in Bendigo, VIC, and later purchased another in Tamworth, NSW. While the Tamworth home remains rented out, she sold the Bendigo property to fund the Wollongong purchase with her partner—a decision that is now paying off handsomely.

Conclusion
This couple’s experience highlights a striking reality: in certain parts of Australia, property values still hold enormous growth potential.