{"id":13762,"date":"2021-05-10T14:22:11","date_gmt":"2021-05-10T07:22:11","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=12292"},"modified":"2021-06-10T16:18:43","modified_gmt":"2021-06-10T09:18:43","slug":"australian-residential-market-breaks-records-as-it-surpasses-au8-1-trillion-mark","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australian-residential-market-breaks-records-as-it-surpasses-au8-1-trillion-mark\/","title":{"rendered":"Australian residential market breaks records as it surpasses AU$8.1 trillion mark"},"content":{"rendered":"

With th<\/span><\/span>is<\/span><\/span>\u00a0new figure,\u00a0<\/span><\/span>real estate\u00a0<\/span><\/span>has become<\/span><\/span>\u00a0the primary pillar of Australian wealth<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
Home prices grew by 2.8 percent in March, the fastest monthly stride witnessed in 32 years. DanielaConstantinescu\/Shutterstock<\/figcaption><\/figure>\n

T<\/span>he\u00a0<\/span>housing sector in Australia\u00a0<\/span>has achieved a new record as its total<\/span>\u00a0v<\/span>a<\/span>l<\/span>ue reache<\/span>s<\/span>\u00a0<\/span>AUD8.1 trillion<\/span>\u00a0(USD6.3 trillion)<\/span>\u00a0for the first<\/span>\u00a0time in history<\/span>, reported\u00a0<\/span>Yahoo! Finance<\/span><\/a>, sharing new data released by CoreLogic.<\/span>\u00a0<\/span><\/p>\n

The country\u2019s\u00a0<\/span>major cities and regions ha<\/span>ve<\/span>\u00a0been<\/span>\u00a0experienc<\/span>ing<\/span> a steady growth in prices for the succeeding months<\/span>,\u00a0<\/span>which caused\u00a0<\/span>the total value to tip over the previous numbers<\/span>\u00a0and enabling<\/span>\u00a0most markets\u00a0<\/span>to hit their<\/span>\u00a0peak<\/span>.<\/span>\u00a0<\/span><\/p>\n

Head of research at CoreLogic, Eliza Owen, said: \u201cThe Australian dwelling market has reached fresh record highs for the past four months, but the end of April marked the first time the total value of Australian housing broke the\u00a0<\/span>AUD<\/span>8 trillion dollar mark.\u201d<\/span>\u00a0<\/span><\/p>\n

Since December 1988, the fastest quarterly growth rate occurred in the three months to April as home prices surged by 6.8 percent throughout the country.<\/span>\u00a0<\/span><\/p>\n

Housing values soared by 1.8 percent in April, whereas h<\/span>ome prices grew by 2.8 percent in March,\u00a0<\/span>the fastest monthly stride <\/span>witnessed in 32 years.<\/span>\u00a0<\/span><\/p>\n

According to the report, the AUD8<\/span>.1 trillion figure has enabled the real estate market to become\u00a0<\/span>the\u00a0<\/span>leading pillar of\u00a0<\/span>Aussie wealth<\/span>, paving the way for developers<\/span>\u00a0—<\/span>\u00a0pa<\/span>rticularly<\/span>\u00a0<\/span>PropertyGuru Asia Property Awards (<\/span>Australia<\/span>) 2020<\/span><\/a>\u00a0<\/span>winners<\/span>\u00a0Balfour Group, Thirdi Group & Phoenix Property Investors, Weston Property Developments, TrueVine Global Pty Ltd, and DW Architects and Interiors\u00a0<\/span>—\u00a0<\/span>to thrive in the midst of the\u00a0<\/span>uncertain economy<\/span>.<\/span>\u00a0<\/span><\/p>\n

Owen explained that this record-breaking number \u201cputs Australian residential property at around four times the size of Australian GDP, and around AUD1 trillion more than the combined value of the ASX, superannuation, and commercial real estate stock combined.\u201d<\/span>\u00a0<\/span><\/p>\n

T<\/span>o put it into perspective, t<\/span>he superannuation sector in Australia is valued<\/span>\u00a0at<\/span>\u00a0<\/span>AUD3 trillion,\u00a0<\/span>ASX at AUD2.7 trillion, and commercial real estate<\/span>\u00a0at<\/span>\u00a0less than AUD1 billion.<\/span>\u00a0<\/span><\/p>\n

Whilst\u00a0<\/span>homeowners may be celebrating\u00a0<\/span>the\u00a0<\/span>groun<\/span>d<\/span>breaking figure<\/span>, first-home buyers fear the unaffordability of the housing market.<\/span>\u00a0<\/span><\/p>\n

More: Australians offer up to $100 extra per week to secure a home<\/strong><\/a><\/p>\n

\u00a0<\/span>\u201c<\/span>For many Australians looking to get a foot on the property ladder, the continued strength in the market is putting homeownership further out of reach despite record-low mortgage rates,\u201d said Owen.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u201cWages growth simply isn\u2019t keeping pace.\u201d<\/span>\u00a0<\/span><\/p>\n

Most of the\u00a0<\/span>growth<\/span>\u00a0<\/span>i<\/span>n overall home prices<\/span> were driven by<\/span>\u00a0the country\u2019s regional areas<\/span>. Together, the capital cities<\/span>\u2019 value grew by 6.4 percent, while all the regions surged by 13 percent in the 12 months to April.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Among said cities, Darwin rose above the rest, earning a 15.3 percent growth from April of last year. Canberra followed suit with a 14.2 percent rise and Hobart with a 13.<\/span>8 increase.<\/span>\u00a0<\/span><\/p>\n

Know of any award-worthy homes, condos, flats, or other real estate projects in\u00a0<\/span><\/i>the\u00a0<\/span><\/i>Australia<\/span><\/i>? Nominate them for the <\/span><\/i>PropertyGuru\u00a0<\/span><\/i>Asia\u00a0<\/span><\/i>Property Awards<\/span><\/i>\u00a0(<\/span><\/i>Australia<\/span><\/i>)<\/span><\/i>\u00a0<\/span><\/i>2021\u00a0<\/span><\/i>on or before<\/span><\/i>\u00a0<\/span><\/i>1<\/span><\/i>\u00a0<\/span><\/i>October\u00a0<\/span><\/i>202<\/span><\/i>1<\/span><\/i>. Simply visit <\/span><\/i>asiapropertyawards.com\/award\/<\/span><\/i>a<\/span><\/i>s<\/span><\/i>ia<\/span><\/i>-property-awards<\/span><\/i>–<\/span><\/i>a<\/span><\/i>ustralia<\/span><\/i>\/<\/span><\/i><\/a>\u00a0<\/span><\/i>f<\/span><\/i>or more details.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With this new figure, real estate has become the primary pillar of Australian wealth <\/p>\n","protected":false},"author":9,"featured_media":23743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[854,149,906,528,512],"class_list":["post-13762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-asia-property-awards-australia","tag-australia","tag-housing","tag-market-update","tag-residential","news_country-australia","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nAustralian residential market breaks records as it surpasses AU$8.1 trillion mark | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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