Australian Property Values Hit $10.2 Trillion
Australian residential property values continue to climb with the value of Australia’s real estate market now $10.2 trillion, up from $10.1 trillion in September.
The increase comes after home values continued to increase throughout Australia, with dwelling values up by 2.3% in the three months to October.
While the pace of growth has slowed a little, it was up by 3.1% in the June quarter, values are still rising.
About 41,000 properties changed hands in October, a bit below the five-year average of 44,800 for the month of October.
And the amount of time it takes to sell property increased slightly in the October quarter with median days on market now 30 days.
In good news for sellers, they are not having to reduce their original asking price by as much to get a deal over the line.
The median vendor discount nationally was 3.6% in the three months to October, compared with 4.3% at the end of last year.
