Australia’s property market is now worth a whopping $10 trillion - its highest point in history.
For comparison, the value of Australia’s property market is now more than five times larger than the entire economy, with GDP coming in at $1.8 trillion.
Likewise, Australia’s share market, the ASX, has a market value of $1.6 trillion.
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The total value of Australia’s residential properties rose by $221.2 billion in the March quarter 2022, according to figures released by the Australian Bureau of Statistics (ABS).
This brought the total value of Australia’s 10.8 million dwellings to $10.2 trillion for the first time.
"The total value of residential dwellings rose $1.8 trillion in the 12 months to the March quarter 2022 from $8.4 trillion in the March quarter 2021,” Michelle Marquardt, head of prices statistics at the ABS, said.
NSW accounted for 40.1 per cent, or $4.1 trillion, of Australia's total value of dwellings, followed by Victoria with 26.9 per cent ($2.7 trillion) and Queensland with 16.7 per cent ($1.7 trillion).
The median price of residential dwellings in Australia was $941,900, up from $925,300 in the December quarter 2021.
"Over the past year, growth in median prices in regional NSW and Victoria has outpaced growth in their capital cities for both houses and attached dwellings," Marquardt said.
The median house price in Sydney rose by 16.4 per cent to $1,245,000, and by 9.4 per cent to $930,000 in Melbourne, over the 12 months to the March quarter 2022.
Meanwhile, in regional NSW, the median house price increased 29.1 per cent to $800,300, and the Victorian regions saw a rise of 17.4 per cent to $640,000.