- Dwelling values rose 2.2% in the three months to September 2023.
- The market was last worth $10T in 2022.
- Vendor discounts are in decline.
The Australian housing market has clocked in another rise in home values, with Australia’s residential real estate value now worth $10.1 trillion, according to CoreLogic’s October Monthly Housing Chart Pack.
This latest rise is up from the $10 trillion recorded by the ABS and CoreLogic last month, and a continuation of the housing recovery.
When was Australia’s housing market last $10T?
Throwing back to 2015, the residential real estate market was widely reported as a $6 trillion industry.
In early 2021, values had climbed to the high $7 trillions, and was clocked in at $8 trillion by the middle of the year.
As October 2021 rolled around, Australian house prices lifted again, with the market then worth $9 trillion.
Halfway through 2022, residential real estate broke the $10 trillion mark.
Values began to decline throughout the remainder of 2022, recorded at $9.5 trillion in November 2022.
Prices began to recover as 2023 progressed, with Australia’s residential property market returning to the $10 trillion mark in September.
Total value of dwelling stock, Australia
How does it compare to super and the stock market?
The residential sector far outweighs its commercial counterpart, which only came in at $1.3 trillion.
The stock market and superannuation also accounted for a substantially smaller figure than residential property.
Australian home values continue rising
The pace of growth slowed slightly, with the 2.2% rise in the three months to September down a touch from the 2.4% in the three months to August.
Annually, home values lifted 3.9%.
Discounts in decline
Capital city sales were 1.8% below the historic average, with 24,996 homes sold. Across the regions, 14,220 sales were recorded, trending 6.1% below the five year average.
The report also found that, at the median level, vendors are now offering less of a discount on their property.
The median vendor discount, nationally, was -3.8% in the three months to September, up from a recent low of -4.3% at the end of last year.
