Australia’s property market valued at $6 trillion
A Corelogic RP Data report released in August shows that Australia’s property market hit a new milestone in 2015, reaching $6 trillion in value.
The report excludes vacant land value and defines that one trillion is equivalent to “a thousand billions or a million millions”.
It goes on to state that the debt held against the $6 trillion property market is around $1.49 trillion, which means that the value of the market is four times higher than the debt held against it.
The value of the country’s property market increased by approximately half a trillion dollars over the past 12 months alone and since 2009, we’ve seen a massive $2 trillion jump in the country’s property market value.
Unsurprisingly, it’s NSW that leads the way in terms of value, holding 38 per cent of Australia's total property market value, which equals $2.3 trillion. Victoria takes second place with 28 per cent - or $1.7 trillion - of the national value.
Queensland makes up 14 per cent, Western Australia 11 per cent, South Australia 5 per cent, the ACT 2 per cent and the Northern Territory and Tasmania both held 1 per cent of the national value.