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Australian property worth $5 tr...

Australian property worth $5 trillion

Australia’s 9.3 million homes are now worth a massive $5 trillion.

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

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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