Australia property market passes $10trn milestone
The combined value of Australian real estate reached $10 trillion at the end of August, according to CoreLogic, which is the first time it’s reached this level since June 2022.
The increase resulted from a combination of more properties being built and the value of Australia’s housing increasing.
Soon after reaching the $10 trillion mark last year, the property market began a 10-month downswing, during which the national median property price fell 9.1%. Since March, prices have risen in six consecutive months, increasing by a combined 4.9%. However, the outlook is uncertain, according to CoreLogic.
“While there is a growing expectation that the RBA board is done hiking the cash rate, borrowing remains constrained by a relatively high serviceability buffer,” CoreLogic said.
“APRA [banking regulator] data to June showed the weighted average home loan assessment rate was just below 9%, and Australian Bureau of Statistics housing lending data shows mortgage lending has fallen for three of the past four months.”
See how much you can borrow now
Hit the button below to arrange a conversation with one of my loan specialists to find a deal that’s best for your situation.
We partner with over 50 lenders so you can find the perfect solution
Do you have questions about mortgages or loans?
Ask us in the comments below