Property in Australia is worth a total of $5 trillion, according to new data.
Figures from the Australian Bureau of Statistics show that the value of residential real estate in the country reached more than $5 trillion for the first time at the end of last year.
Residential properties rose to $5.02 trillion in the December quarter - compared to $4.83 trillion in the three months to September.
There was also an increase in average price of Australia’s 9.3 million residential properties to $539,400, up from $496,800 at the same point in 2013.
Urban Development Institute of Australia (WA) chief executive Debra Goostrey told Perth Now that property is enjoying a good period and prices are set to increase further.
She added: "Taking into consideration wages growth and interest rate reductions in 2013, UDIA believes that sustainable price growth would be in the range of six to eight per cent so this growth rate is slightly above comfort levels but not a cause for concern."
The Property Council-ANZ Property Confidence Index recently polled 2,600 real estate professionals and discovered the current rate of optimism within the industry is at a four-year high.
Posted by Craig Francis
