Australian Housing Worth Over $8 Trillion
As prices surge, so does the total value of the Australian residential real estate market.
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For most it’s hard to visualise or consider $8 trillion, however, according to the latest estimations, the Australian residential real estate market sits just over that figure at $8.1 trillion.
According to analysts at CoreLogic, the surge in value follows the recent broad-based capital gains witnessed across the country, indicating many markets are now at their peak.
“The 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 $8 trillion dollar mark,” said CoreLogic head of research, Eliza Owen.
“This puts Australian residential property at around four times the size of Australian GDP, and around $1 trillion more than the combined value of the ASX, superannuation and commercial real estate stock combined,” said Ms Owen in a statement.
Pushing the value of homes over the $8 trillion mark is data showing that in the three months to April, national home values rose 6.8% – the highest quarterly dwelling growth rate since December 1988.
The increased valuation is good news for homeowners, now likely in a strong equity position, with the RBA estimating just 1.3% of housing loans to be in negative equity position, according to Ms Owen.
Alternatively, it means for Australians looking to purchase their first property, homeownership is being pushed further out of reach, despite record-low mortgage rates.
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This home has all the conveniences of modern living set in a dramatic landscape
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Plenty of people are looking to get away from it all. But most are reluctant to give up the conveniences and small luxuries of modern living.
This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.
Central to the floorplan is a generous, north facing open plan living space with raked ceilings and wraparound bay windows leading onto a sun-filled deck via sliding doors.
Entry is via a spacious reception area with integrated hall table and storage cupboard. A short hallway offers access to the master suite to the right and secondary bedrooms to the left, or through to the open plan living area to the rear.
The master suite includes a built-in robe and stylish, semi open ensuite. Sliding doors lead onto the split level deck, with a spa on the lower side to provide privacy.
The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.
At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.
With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature.
Address: 166 Westwood Street, Bridport
Inspection: By appointment
For sale: By Offer
Price guide: $2.3m t0 $3m
Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au
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