The total value of the Australian residential real estate market has reached AUD 10.4 trillion, setting a historic high. This indicates that the real estate market overall maintains strong growth momentum. The national rate of housing value growth has also accelerated, rising from 1.0% to 1.3% over the past three months, demonstrating increased market vitality.
Over the past 12 months, national house prices have risen by 8.9%, marking the highest annual increase in recent years. Particularly, the most affordable 25% of the housing market nationwide experienced the most rapid growth, reaching 2.4%. This suggests strong growth momentum in certain regions of the housing market.
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In terms of performance in major cities, Perth has consistently been in the lead, with a year-on-year increase of 18.3%, indicating ongoing investment fervor in the region. Meanwhile, other major cities such as Sydney, Melbourne, Brisbane, and Adelaide have shown diverse market patterns.
Additionally, Australia's rental market has also attracted attention. Over the past year, rents nationwide have increased by 8.5%, leading to a decrease in rental affordability to the lowest level in 17 years. This poses certain pressure on inflation and requires policymakers to take timely measures to mitigate the negative impact of rent increases on the economy.
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On the policy front, the government has committed to delivering 1.2 million well-located new homes over the next five years, which is a challenging commitment aimed at alleviating housing supply shortages. However, with slowing growth in construction costs and housing construction yet to meet market demand, this will be one of the key issues to focus on in the future.
In summary, Australia's residential real estate market is vibrant but also requires adjustments and challenges. Governments and relevant departments need to closely monitor market changes, respond flexibly, ensure the stable operation of the market, and promote the healthy development of the real estate market through effective measures to support sustainable economic growth.
