Iggy Azalea and Nick Young: Engaged!

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Finally, some good news for the embattled Australian rapper whose rise and fall has been remarkably swift and epic over the past 18 months:

Iggy Azalea and Nick Young are engaged!

Nick Young, Iggy Azalea

Young popped the question at his 30th birthday party Monday night. The L.A. Lakers star got down on one knee and busted out a diamond ring!

Hip hop insider Karen Civil, an attendee at the shindig yesterday evening, was the first to report the big news, which she posted on Vine.

Congratulations to Iggy, 24, and her baller fiance! Check out the cute clip of the duo - and the giant BOX her new bling came in - below ...

The two started dating back in 2013, before Azalea was a ubiquitous chart-topper and public enemy #1 for many others in the hip hop scene.

For their first date, Nick took her to Target.

Gotta start simple, no? From there, they hit it off; Iggy Azalea and Nick Young, who moved in together last fall, never shy away from the PDA.

In fact, in one memorable incident, Nick bragged publicly to his lovely lady outside a club, "What I'm about to do with this shouldn't be legal!"

Awesome. Beyond their kinky private antics, Nick has been there for her throughout her many feuds, highs and lows over the past two years.

She attained worldwide fame with "Fancy," but recently saw her tour canceled and thousands of people petition to revoke her Billboard Award.

No question he knows what he got into!

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