Australian residential property values have reached a new milestone

Australian property values hit record high

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The nation's real estate market now valued at an astounding $10.2 trillion.

This figure marks a significant increase from the $10.1 trillion valuation recorded in September. The continuous upward trend in home values is a key driver behind this growth, with dwelling values across Australia rising by 2.3% in the three months leading up to October.

While there has been a slight deceleration in the pace of growth compared to the 3.1% increase observed in the June quarter, the trajectory of property values remains firmly on the rise. This sustained increase in property values reflects the robust demand and resilience of the Australian real estate market.

In terms of market activity, approximately 41,000 properties were transacted in October, which, while slightly lower than the five-year average of 44,800 for this month, indicates a still-active market. Additionally, the time it takes to sell a property has seen a marginal increase, with the median days on the market now standing at 30 days.

For sellers, the current market conditions bring encouraging news. The necessity to reduce their original asking prices to secure a sale has lessened. The median vendor discount nationally was recorded at 3.6% in the three months to October, a decrease from the 4.3% seen at the end of last year. This trend suggests a strong sellers’ market, where buyers are willing to meet closer to the asking prices.

In light of these market dynamics, Luminur Projects offers a unique advantage to homebuyers. With an extensive off-market stock list, Luminur Projects is well-equipped to assist buyers in navigating this high-value market, whether they are seeking a place of residence or an investment property. This access to a wide range of properties, not readily available on the open market, provides potential buyers with a significant edge in finding the ideal property that aligns with their preferences and investment goals.

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