Property values have doubled in seven years
The combined value of all the residential properties in Australia has passed the $10 trillion mark for the first time.
Australia’s pool of homes was worth $10.2 trillion in the March quarter, according to the latest data from the Australian Bureau of Statistics.
Remarkably, that represents a doubling in value in just seven years, from $5.1 trillion in June 2014.
Australian property prices have enjoyed remarkable growth over the long-term, even though there have been regular occasions when prices have temporarily declined.
That’s part of the reason so many Australians want to own their own home. It’s also why so many people use property investment as a way to build wealth for retirement.
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