February 2026 was defined by a stark economic split: the ASX 200 hit record highs on the strength of traditional value, while Wall Street continued to face a volatile "reality check" regarding the immediate impacts of AI. This divergence hit home in the Australian property market, where a "two-speed" economy saw Perth and Brisbane thrive even as Sydney and Melbourne stalled under a fresh RBA rate hike. With inflation remaining stubborn, the month served as a potent reminder that in a tightening financial landscape, tangible earnings and local supply dynamics remain the ultimate market drivers.