australian property market worth 10.1 trillion dollars
The Australian property market has seen values rise again, now worth over ten trillion dollars. Image: Canva.
  • 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

Value of dwelling stock in Australia June quarter 2023.
Source: ABS.

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.

You May Also Like

Do Australia’s latest auction figures show a return to a balanced market?

Clearance rates across the combined capitals dipped to 59.8%, the fifth consecutive month of decline.

Australia’s housing market hints at turnaround as November sees slowest monthly gain in home values

Australia’s housing market signals potential turnaround as November sees its slowest monthly growth since February, recording 0.6% rise.

Perth property market predictions 2024 – House price & rental forecast

Experts deliver their take on what 2024 holds for Perth’s property market – predictions for capital growth range from 10 to 15 per cent.

Australian house prices soared to new record highs in November despite the cash rate rise

Home values lifted 0.22% MoM, with the national median now $761,000.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.