Residential real estate continues to dominate Australia’s wealth. Total value of residential real estate is at a record $9.1 Trillion. This is more than three times the value of Australian Listed Stocks at $2.8 Trillion and over 9 times the value of Australian Commercial Real Estate at $997.3 Billion.
Dwelling values in Australia are 20.3% higher over the past 12 months, which is the highest annual appreciation since June 1989, even amid a global Pandemic!
High-end of the residential real estate market has led the growth. In the three months to September 2021, the top 25% of values across the capital cities rose 5.7%, compared to 2.6% across the lowest 25% of values.
Of the capital Cities, Hobart has led the charge with a rise in dwelling values over the past 12 months to September 2021 of 26.8%, followed closely by Canberra at 24.4% and Sydney at 23.6%. Melbourne has trailed last at 15%, potentially due to the exodus of people from the state over the past 12 months as pandemic restrictions resulted in some of the longest lockdowns experienced by Melbournians in the world. Nevertheless, strong growth still achieved.
Source: CoreLogic
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