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  • Writer's pictureGM Homes

Australian real estate surged to $9.4 trillion

CoreLogic has reviewed the top sales across the country during the year that was, as the estimated value of Australian real estate surged to $9.4 trillion at the end of November.

In a new report reflecting on the property movements during the 2021 year for Australian property, CoreLogic has recorded the country’s top sales, highest median values and strongest growth rates.

CoreLogic head of research Eliza Owen noted the estimated value of Australia’s residential real estate had surged from $7.2 trillion at the end of November 2020, to a record high of $9.4 trillion 12 months later.

Detached house prices rose by 24.6 per cent in the year, outperforming the 14.2 per cent lift for unit prices.

Similarly, the 25.2 per cent increase in regional dwelling values surpassed the performance of the combined capital cities, which was 21.3 per cent, reflecting the extended lockdowns and remote working trends.

Further, sales volumes climbed to an estimated 614,635 in the past year, the highest level in almost 18 years, while dwelling values nationally increased by 22.2 per cent in the 12 months to November, the highest rise since 1989.

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