Australian Housing Worth Over $8 Trillion
As prices surge, so does the total value of the Australian residential real estate market.
By Terry Christodoulou
Fri, May 7, 2021 11:17am
< 1 min
< 1 min
For most it’s hard to visualise or consider $8 trillion, however, according to the latest estimations, the Australian residential real estate market sits just over that figure at $8.1 trillion.
According to analysts at CoreLogic, the surge in value follows the recent broad-based capital gains witnessed across the country, indicating many markets are now at their peak.
“The Australian dwelling market has reached fresh record highs for the past four months, but the end of April marked the first time the total value of Australian housing broke the $8 trillion dollar mark,” said CoreLogic head of research, Eliza Owen.
“This puts Australian residential property at around four times the size of Australian GDP, and around $1 trillion more than the combined value of the ASX, superannuation and commercial real estate stock combined,” said Ms Owen in a statement.
Pushing the value of homes over the $8 trillion mark is data showing that in the three months to April, national home values rose 6.8% – the highest quarterly dwelling growth rate since December 1988.
The increased valuation is good news for homeowners, now likely in a strong equity position, with the RBA estimating just 1.3% of housing loans to be in negative equity position, according to Ms Owen.
Alternatively, it means for Australians looking to purchase their first property, homeownership is being pushed further out of reach, despite record-low mortgage rates.
MOST POPULAR
What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market
By CASEY FARMER
Tue, Aug 27, 2024 < 1 min
< 1 min
A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
