Australian Home Values Exceed $10 Trillion
Across the country, the average price of a residential dwelling now stands at $941,900.
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The value of Australian homes has risen to 10.2 trillion for the first time ever in the March quarter, according to the Australian Bureau of Statistics.
NSW accounted for 40.1% of the overall amount — or $4.1 trillion, followed by Victoria with 26.9% ($2.7 trillion) and Queensland with 16.7% ($1.7 trillion).
By comparison, the nation’s 10.8 million homes were worth a combined 8.4 trillion in the same quarter last year — a $1.8 trillion jump in 12 months.
Across the country, the average price of a residential dwelling now stands at $941,900, up from the $925,300 in the December quarter of 2021.
The median house price in Sydney rose by 16.4% to $1,245,000, and by 9.4 %to $930,000 in Melbourne, over the 12 months to the March quarter 2022.
Regional Victoria’s median house price also lifted 17.4 % to $640,000, while regional NSW saw the median house price increase 29.1% to $800,300.
More recent estimates of Melbourne’s median house price up even high at $960,000 this month indicates the property market coupled already be worth more.
However, with rates expected to continue to rise and a market that is currently softening the future total values of the Australian market could fall as dwelling values fall.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
