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Total Australian Property Worth $5 Trillion as of December

11 February 2014
New data released by the Australian Bureau of Statistics today showed the total value of residential property in Australia hit five trillion dollars for the first time in the December quarter. The statistics show the value of residential properties rose to $5.02 trillion in the December quarter, up from $4.83 trillion in the September quarter. They also show that the average price of Australia’s 9.3 million residential properties is now $539,400, up from $496,800 in the December quarter 2012. Urban Development Institute of Australia (WA) chief executive Debra Goostrey said the growth in property was contributing to the net wealth of Australian families as 95 per cent of Australian residential property was in the hands of private owners. Housing values in Perth grew 3.5 per cent in December, the second biggest growth rate in the country after Sydney. “Perth is currently enjoying a strong property market with a gain of 8.7 per cent in 2013,” Ms Goostrey said. “Taking into consideration wages growth and interest rate reductions in 2013, UDIA believes that sustainable price growth would be in the range of 6-8 per cent so this growth rate is slightly above comfort levels but not a cause for concern.” Ms Goostrey said the institute’s key concern was land supply as its preliminary data showed demand outstripping supply over the next few months. << back to news articles
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