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.

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