If you haven’t heard, the Australian residential property market is tipped to be worth more than $9 Trillion dollars before the end of the year.
That’s more the Australian Super, the Australian Stock Market and the Australian Commercial Realestate…Combined!
But who sits on top?
Well, it’s no surprise that Sydney sits at $2.53 trillion, followed by Melbourne and Brisbane respectively. Though Sydney & Melbourne’s individual values are worth more than the rest of the state and capital markets combined according to CoreLogic data.
Earlier this year, CoreLogic announced the residential market hit $8 trillion in value, and is expected to hit $9 trillion by the end of the year, largely driven by the Sydney and Melbourne markets.
CoreLogics Head of Research, Tim Lawless says “I’m pretty sure in the next couple of months that’ll probably tick over the $9 trillion mark, it’s moving that quickly,”
With the majority of the country’s population centered around these 2 capital cities, the demand for housing is putting a strain on the market as it is, driving prices higher and higher.
Compared to other countries, who’s population is more spread out, such as the US or Europe, Australia’s unique population clusters are an important factor into our market growth.
And if you want to know in more detail how not only population can cause market growth, but also affordability, investment and infrastructure and employability, then check out our Ultimate Property Webinar on Tuesday nights at 7pm. It’s completely free and live interactive event with our team of investors and investment strategists.
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