According to RP Data's Daily Home Value Index (after February showing Sydney being up but prices elsewhere flat or down) property prices are already up 1.8% in the first half of March, driven by very strong price gains in Melbourne and Sydney.
Look out for any signs of disapproving shifts in tone in the Minutes of the March 2014 Monetary Policy Meeting when they are released by the Reserve Bank on Tuesday morning.
When markets begin to gather momentum in this manner, history shows that it can take some corrective action to bring them back under control.
The cash rate remains at a generational low of just 2.50% and mortgage rates are exceptionally low.
Australian Property Monitors (APM) showed another tremendously strong auction clearance rate of 81.8% on Saturday night.
This was the 7th consecutive weekend where the market recorded a figure in excess of 80%.
The corresponding figure for the equivalent weekend last year was 75%.
APM noted in its weekend wrap how the harbour city is getting set to build more dwellings, while the New South Wales economy is getting stronger:
"Latest ABS building approval data for Sydney continues to provide positive news for housing market supply and local economic activity. 2,809 dwellings were approved for construction in Sydney over January which 31.3 percent higher or 669 more than the 2,140 that were approved over January last year.