March 4, 2024
Australia’s Real Estate Residential Value hits 10.3tn
Written By
Chrish Samuel
Managing Director
In accordance with the January Monthly Housing Chart Pack from CoreLogic, the value of residential real estate in Australia has increased once more, to $10.3tn. The increase in value from the $10.2tn recorded at the end of October 2023 indicates a consistent progression of the housing industry's recovery.
Nationally, home values rose 1.5% in the three months up to December, which was slightly down from the rise recorded in the June quarter. According to data from CoreLogic, a total of 488,898 sales were completed in 2023. Compared to 2022, this is 2.2%lesser. Housing continues to constitute the cornerstone of the nation's wealth, as 56.7% of household wealth is invested in residential property. Approximately 35% of residential properties in Australia are mortgage-owned, with a cumulative outstanding mortgage debt of $2.2tn.
In Australia, according to ABS data, residential dwellings accumulated a total value of $10,267.4bnduring the September quarter of 2023, an increase of $261.0bn from the June quarter's value of$10,006.4bn. Holdings of residential dwellings by households amounted to $9,863.4bn of the total value. The total valuation of residential dwellings increased in all states and territories during the September quarter of 2023
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