Core Logic has announced the value of residential real estate in Australia has reached $8.1 trillion.
This followed broad-based capital gains across the country as many markets were trading at their peak and was the first time this size had been reached.
In the three months to April, national home values rose 6.8% which was the highest quarterly dwelling growth since December 1988.
CoreLogic head of research, Eliza Owen, said: “This puts Australian residential property at around four times the size of Australian gross domestic product, and around $1 trillion more than the combined value of the Australian Securities Exchange, superannuation and commercial real estate stock combined”.
“The increase in the value of residential real estate has put Australian home owners in a strong equity position, with the RBA estimating just 1.3% of housing loans to be in a negative equity position at the start of 2021.”