A reading of Australia’s home-buying conditions. Borrowing costs, prices, income, jobs and housing approvals, brought together.
Updated 6 October 2026.
28.1 / 100
Weak conditions
Higher readings indicate more supportive market conditions.
Mortgage rates and dwelling prices are the weakest parts of the current market picture. The strongest support comes from housing supply pipeline.
What is shaping the reading?
The five inputs are scored against a rolling five-year benchmark, August 2021 to July 2026. Higher scores mean stronger support for the index.
Mortgage rates
How much does a new home loan cost?
Lower mortgage rates mean smaller repayments on the same loan, giving buyers more room in their budget. We track the RBA average rate on new owner-occupied principal-and-interest loans.
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0, less supportive100, more supportive
Adds 0.5 of a possible 35 points to the index.
Dwelling prices
Is the housing market gaining ground?
Rising prices signal stronger market momentum and lift this component. Falling prices weaken the reading, but can give buyers more room to negotiate. Stronger market activity and cheaper homes do not always go together.
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What this index cannot tell you
This is a national measure built from economic observations. It is not a consumer-confidence survey, a house-price forecast, a lender’s eligibility assessment or a recommendation to buy.
It cannot see the market in your suburb, your income security or the full cost of a particular property. A score of 60 also does not mean a 60% chance of a good outcome.
The chart starts in July 2019 and uses revised data. Readings use up to five years of comparison data, so changes can reflect both economic developments and changes in the benchmark. Earlier source data and saved editions remain in our archive.
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0, less supportive100, more supportive
Adds 1.9 of a possible 20 points to the index.
Real household income
Is household income growing after inflation?
When household income grows faster than prices, there is more spending power across the economy. We track annual growth in total disposable income after inflation, using the latest quarterly figures.
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0, less supportive100, more supportive
Adds 14.2 of a possible 20 points to the index.
Employment conditions
How supportive is the jobs market?
A lower unemployment rate means a larger share of people seeking work have a job, supporting households’ ability to meet repayments. We average three months to smooth short-term fluctuations.
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0, less supportive100, more supportive
Adds 3.6 of a possible 15 points to the index.
Housing supply pipeline
Are more homes in the pipeline?
More building approvals mean a larger pipeline of potential new homes, which could expand buyers’ choice as construction finishes. We use a three-month average because approvals fluctuate. Delays and cancellations can slow that pipeline.
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0, less supportive100, more supportive
Adds 7.8 of a possible 10 points to the index.
July 201920212022202320242025July 2026
Monthly readings from July 2019 to July 2026. The dashed line uses the available history while the benchmark builds to five years. The solid line uses the full five-year window from June 2024. Calculated by Ratepool using RBA, ABS and BIS data. The graph uses the latest month shared by the monthly series; the thermometer uses each input’s latest available reading.
Highest historical reading
100.0 / 100
November 2019, very supportive conditions.
The largest positive contributions came from mortgage rates and dwelling prices.
This early reading uses 5 months of comparison data, so its benchmark is less established. New-loan rates were 3.21%. Prices rose 4.3% over three months. Real household income grew 3.0% over the year to September 2019.
Lowest historical reading
18.0 / 100
September 2022, very weak conditions.
The biggest drags on this reading were mortgage rates and dwelling prices.
This early reading uses 39 months of comparison data, so its benchmark is less established. New-loan rates were 4.34%. Prices fell 3.9% over three months. Real household income fell 1.9% over the year to September 2022.