Residential real estate in Australia reaches $8.1 trillion in value: CoreLogic

The surge in property values sees many markets now at their peak

Residential real estate in Australia reaches $8.1 trillion in value: CoreLogic
Residential real estate in Australia reaches $8.1 trillion in value: CoreLogic

The total value of residential real estate in Australia has reached $8.1 trillion, according to CoreLogic.

NSW homes hit an estimated value of $3.28 trillion, some 40 per cent of the national total, followed by Victoria at $2.3 trillion and Queensland at $1.18 trillion.

The recent surge in residential values sees many markets now at their peak, CoreLogic head of research, Eliza Owen noted.

"April marked the first time the total value of Australian housing broke the $8 trillion dollar mark," she said.

It has almost doubled in the decade since 2011.

It puts Australian residential property at around four times the size of Australian GDP.

"And around $1 trillion more than the combined value of the ASX, superannuation and commercial real estate stock combined,” says Ms Owen.

CoreLogic data shows in the three months to April, national home values rose 6.8%, which is the highest quarterly dwelling growth rate since December 1988.

“The increase in the value of residential real estate has put Australian home owners in a strong equity position, with the RBA estimating just 1.3% of housing loans to be in a negative equity position at the start of 2021,” says Ms Owen.

The data comes as realestate.com.au revealed 776 suburbs across Australia have seen record-breaking sales this year, with NSW is leading with 299 record-breaking suburb sales, followed by Queensland (158) and Victoria (139).

Almost 370 of the sales were in regional areas, realestate.com.au economist Anne Flaherty noted.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Comments

Be the first one to comment on this article
What would you like to say about this project?