QLD’s housing market smashes through $1 trillion value barrier
The value of Queensland’s housing market has smashed through the trillion dollar barrier for the first time in history.
The state’s residential property sector is now worth $1.004 trillion — hitting the milestone in September after hovering on or just below that level for months, according to exclusive figures provided to The Sunday-Mail by property research firm CoreLogic.
It’s been a rapid rise to the top, with the total value of Queensland’s housing market sitting at $910 billion only two years ago — that’s an increase of 10 per cent or more than $90 billion in just 24 months.
RiskWise Property Research chief executive Doron Peleg said the value of Queensland’s housing market surpassing $1 trillion was a gamechanger for the state.
“You cannot ignore a $1 trillion housing market,” Mr Peleg said.
“It makes Queensland the third major player, yet it often gets overlooked by policy makers. “This shows it is a big market with a huge impact on the economy.”
Mr Peleg said Queensland’s improving economy, housing affordability, a rise in interstate migration and increased optimism in the market were all driving the value of the state’s residential real estate sector. Source: realestate.com.au