How much is Australian property worth as a whole? Throw out a ballpark figure? $900billion? $2trillion? In fact, some might be surprised to find out the real answer is much, much higher than either of those two estimates, which will interest anyone thinking of investing in property in Carlton or St George.
CoreLogic RP Data has run the numbers and found the total value of residential property in Australia is a whopping $6trillion. This was up from their previous year's estimate of $5.5trillion. Essentially, this means a combination of new housing stock and the increase in value of existing properties has led Australian real estate to grow in value by $500billion in a single year!
As ever, Sydney was a significant player in this growth, with home values in the New South Wales capital increasing by 5.4 per cent over the quarter. This now puts Sydney's year-on-year change in dwelling values at a massive 18.4 per cent, a figure which should get anyone who owns real estate in St George and surrounding areas positively salivating.
CoreLogic RP Data head of research Tim Lawless pointed out this was especially notable given that a number of capitals – such as Darwin and Perth – seeing a correction in home values. Yet Sydney prices have continued their climb at the same time, suggesting the strength of the city's real estate market.
Investors will be interested to know that when it comes to types of properties, detached houses have been better performers in terms of growth than units. Mr Lawless believes this is because of the dwindling availability of land, which is making detached homes more and more in-demand. It's something to think about if you're considering getting a piece of Sydney real estate yourself.