{"id":24837,"date":"2021-08-17T12:05:32","date_gmt":"2021-08-17T05:05:32","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24837"},"modified":"2025-02-06T13:35:20","modified_gmt":"2025-02-06T06:35:20","slug":"australian-property-market-to-reach-milestone-au9-trillion-by-end-of-2021","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australian-property-market-to-reach-milestone-au9-trillion-by-end-of-2021\/","title":{"rendered":"Australian property market to reach milestone AU$9 trillion by end of 2021"},"content":{"rendered":"

Latest\u00a0<\/span>data<\/span>\u00a0from CoreLogic reveal that the national home values surged by 5.9 percent in the three months to July<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
Throughout Australia, Hobart led the hike in prices, amounting to an 8.2 percent increase. YevgenBelich\/Shutterstock<\/figcaption><\/figure>\n

In March, the Australian real estate market broke records when it hit the AUD8 trillion (USD5.8 trillion) mark. New data from CoreLogic uncovered that by end of this year, the market is poised to reach another trillion-dollar milestone, reported\u00a0<\/span>realestate.com.au<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

Latest data shows that the rising home prices and the growing number of construction activities, propelled by the government\u2019s ongoing support, will lead the total value of residential properties to reach AUD9 trillion by end of 2021.<\/span>\u00a0<\/span><\/p>\n

Surge across the market<\/span><\/i>\u00a0<\/span><\/p>\n

The current AUD8.8 trillion\u00a0value of the residential property market has led to a 20 percent price hike in some of the country\u2019s capital cities in the past year.<\/span>\u00a0<\/span><\/p>\n

In Sydney, for instance, prices climbed 12 percent (AUD140,000) in the 12 months to March, with the average price\u00a0reaching over AUD1.3 million.<\/span>\u00a0<\/span><\/p>\n

The recent figures meant that the residential real estate sector now has a much higher value compared to Australian superannuation worth AUD3.1 trillion, Australian stock market worth AUD2.8 trillion, and commercial real estate market valued at AUD978 billion.<\/span>\u00a0<\/span><\/p>\n

The study also\u00a0discovered\u00a0that over half of household wealth\u00a0is\u00a0in\u00a0housing, with an\u00a0overdue\u00a0mortgage debt of AUD1.9 trillion.<\/span>\u00a0<\/span><\/p>\n

CoreLogic Head of Research Eliza Owen said that the pandemic-induced low-interest rates have led to \u201csome extraordinary figures in the housing market.\u201d<\/span>\u00a0<\/span><\/p>\n

Over the year,\u00a0the organisation has documented around 600,000 residential property sales, the highest that they have witnessed since 2008.<\/span>\u00a0<\/span><\/p>\n

\u201cWe\u2019ve got more than half of household wealth made up of housing value,\u201d shared Owen,\u00a0revealing that the pending\u00a0debts have reached around\u00a0AUD1.9 trillion.<\/span>\u00a0<\/span><\/p>\n

She added that\u00a0cheap debt, low mortgage rates, and\u00a0household savings due to pandemic restrictions —\u00a0the trends\u00a0that led to the boom in property prices in December of last year\u00a0–will most likely\u00a0be\u00a0the same in the remaining months of the year.<\/span>\u00a0<\/span><\/p>\n

In 2020, the rate of household savings soared 21 percent in comparison to a decade median of around 7.5 percent.<\/span>\u00a0<\/span><\/p>\n

Slow\u00a0and\u00a0steady<\/span><\/i>\u00a0<\/span><\/p>\n

National home values surged 5.9 percent in the three months to July, a decline from the seven percent increase\u00a0in the three months to May.<\/span>\u00a0<\/span><\/p>\n

Throughout Australia\u2019s cities,\u00a0Hobart led the hike in prices, amounting to an 8.2 percent increase.\u00a0Sydney followed with a 7.7 percent jump.\u00a0<\/span>\u00a0<\/span><\/p>\n

The increase in prices is sustained by the country\u2019s historically low mortgage rates and\u00a0the immense number of buyers that exceed the available properties.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Therefore, the market continued to be an advantage for sellers, especially for the winning developers of the <\/span>PropertyGuru Asia Property Awards (Australia)<\/span><\/a>, namely Balfour Group, Thirdi Group & Phoenix Property Investors, Weston Property Developments, TrueVine Global Pty Ltd, and DW Architects and Interiors, who, despite the global economic state, continue to construct high-quality developments that meet the changing demands of the users.<\/span>\u00a0<\/span><\/p>\n

Owen also expects a drop in first home buyer participation even though the levels are currently well above average. Their research exposed a continuous decline in every state because of fewer incentives and affordability restraints.<\/span>\u00a0<\/span><\/p>\n

On the other hand, investor participation\u00a0soared in every state and territory\u00a0in June, except for Queensland where investor lending was stunted by the 1.8 percent\u00a0uprise in owner-occupier lending.<\/span>\u00a0<\/span><\/p>\n

\u201cWe do expect that first homebuyer participation will continue to decline because not as many incentives are available to them now as they were through 2020,\u201d said Owen.<\/span>\u00a0<\/span><\/p>\n

\u00a0More: Australian residential market breaks records as it surpasses AU$8.1 trillion mark<\/strong><\/span><\/a><\/p>\n

\u201cPrices are becoming more out of reach for a lot of those buyers.\u201d<\/span>\u00a0<\/span><\/p>\n

She further said that the supply also contributes to the inflated prices,\u00a0\u201cnot necessarily in the construction of new homes, but in people actually putting their properties up for sale.\u201d<\/span>\u00a0<\/span><\/p>\n

New stocks advertised currently sits at 25 percent below the historic average.<\/span>\u00a0<\/span><\/p>\n

\u201cAt the same time that you\u2019ve got a lot of demand in the market, there\u2019s not a lot of new stock coming online for people to buy,\u201d concluded Owen.<\/span>\u00a0<\/span><\/p>\n

Know of any award-worthy homes, condos, flats, or other real estate projects in Australia? Nominate them for the PropertyGuru Asia Property Awards (Australia) 2021 on or before 17 September 2021. Simply visit <\/span><\/i>asiapropertyawards.com\/award\/asia-property-awards-australia\/<\/span><\/i><\/a>\u00a0for more details.<\/span><\/i>\u00a0<\/span><\/p>\n

Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: gynen@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Latest data from CoreLogic reveal that the national home values surged by 5.9 percent in the three months to July <\/p>\n","protected":false},"author":9,"featured_media":24838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[854,149,654,757],"class_list":["post-24837","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-residential-investment","tag-residential-properties","news_country-australia","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nAustralian property market to reach milestone AU$9 trillion by end of 2021 | 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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