Australian housing market surpasses $9 trillion valuation
Just five months after reaching $8 trillion in value, CoreLogic has today announced its estimate of the total value of residential real estate in Australia has surpassed a new record of $9.1 trillion.
The surge in value follows the recent broad-based capital gains witnessed across the country, with most housing markets now beyond their peak.
CoreLogic Head of Research, Eliza Owen, says “The value of Australian residential real estate has surpassed $9 trillion dollars over September. This comes just five months after the market exceeded $8 trillion over April.
“This puts housing values around 28.2% higher than the estimated value of superannuation, the ASX and commercial real estate combined.
“The increase in value has coincided with national house values reaching $719,209 over September, and units sitting at $586,993. The Australian dwelling market increased 20.3% in the year to September, which is the highest rate of annual appreciation since June 1989,” says Ms Owen.