Wealth as safe as houses in Australia
Despite falling values over the past year, housing is still the backbone of national wealth
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Residential real estate is the foundation of Australia’s wealth, new data released by CoreLogic reveals.
The Monthly Housing Chart Pack shows residential real estate in Australia is far and away the main source of wealth, worth $9.4 trillion. This compares with $3.4 trillion for superannuation, $2.8 trillion for Australian listed stocks and $1.3 trillion for commercial real estate.
The results show that despite a recent downturn in national dwelling values over the past 12 months with a fall of -8.0 percent, housing still represents the most valuable source of wealth.
While the decline in values represents the greatest fall on record, there are signs that values are once again on the increase. CoreLogic reports that national values rose by 0.9 percent over the 28 days to April 6, driven by a lack of advertised stock, a tight rental market and demand from overseas migration.
Sydney experienced the greatest decline over 2022, with a drop in values of -12.1 percent, following a record high in January 2022. It is also leading the recovery, up 1.4 percent in March. This is followed by Melbourne and Brisbane, who have seen modest but steady improvements in values over March. Adelaide and Perth have proven to be less volatile markets, with Adelaide values -2.4 percent their record high in July 2022 and Perth -0.4 percent lower off their peak, also in July last year.
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Odd Culture Group brings a new kind of after-dark energy to the CBD, where daiquiris, disco and design collide beneath the city streets.
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Sydney’s nightlife has long flirted with reinvention, but its latest arrival suggests something more deliberate is taking shape beneath the surface.
Razz Room, the new underground bar and disco from Odd Culture Group, has opened in the CBD, marking the group’s first step into the city centre.
Tucked below street level on York Street, the venue blends cocktail culture with a shifting, late-night rhythm that moves from after-work drinks to full dancefloor immersion.
The space itself is designed to evolve over the course of an evening. An upper bar offers a more intimate setting, suited to early drinks and conversation, while a sunken dancefloor anchors the venue’s later hours, with a rotating program of DJs and live performances.
“Razz Room will really change shape throughout a single evening,” says Odd Culture Group CEO Rebecca Lines.
“Earlier, it’s geared towards post-work drinks with a happy hour, substantial food offering, and music at a level where you can still talk.”
As the night progresses, that tone shifts.
“As the evening progresses at Razz Room, you can expect the music to get a little louder and the focus will shift to live performance with recurring residencies and DJs that flow from disco to house, funk, and jazz,” Rebecca says.
The concept draws heavily on New York’s underground club scene before disco became mainstream, referencing venues such as The Mudd Club and Paradise Garage. But the intention is not nostalgia.
“The space told us what it wanted to be,” Lines explains. “Disco started as a counter culture… Razz Room is no nostalgia project, it’s a reimagining of the next era of the discotheque.”
Design, too, plays its part in shaping the experience. The upper level is warm and textural, with timber finishes and burnt-orange tones, while the sunken floor shifts into a more theatrical mood, combining Art Deco references with a raw, industrial edge.
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