Whether it’s the latest median house price figures, speculation about the Reserve Bank’s next move on interest rates, shared stories about recent rental price increases or simply the result of a weekend auction around the corner from your place, we love to talk about all things property related.

What some people tend to forget, I think, is that while we all have an interest in the day-to-day activity of the property market, every home owner in Australia actually has a small slice of a vast financial market. In fact, according to the latest data from Cotality, (or as we used to know them, Corelogic), the Australian residential property market is now worth around $11.4 Trillion!

Yes, that’s right, trillion with a capital ‘T’, which is a whole lot of noughts, isn’t it! Particularly when you remember that this figure doesn’t include all the non-residential property such as commercial, industrial and other segments.

This figure was reached on the back of steady growth in residential property prices across the country, with national dwelling values rising by 1.3 percent in the three months to the end of May, whilst values rose by 3.3 per cent in the twelve months to the same point.

For those with property outside the metropolitan area, it was worth noting that some of the strongest price growth was recorded in regional markets.

The important thing to keep in mind, as I often remind readers of these posts, is that data like this is indicative of general trends rather than specific movements in individual properties. So if you are weighing up making a move in the current strong conditions in our local market, and would like an obligation-free update on what your own home could achieve, then don’t hesitate to give us a call at Barry Plant Thomastown during the week on 9466 3233.

We’d be only too happy to assist.

Regards,

Con Constantinou

Barry Plant Thomastown