Australia’s property market has surpassed $11 trillion in value for the first time, with a $900 billion increase over the past year, according to CoreLogic.

National home values rose by 1% in the September 2024 quarter, bringing annual growth to 6.7%.

The smaller capital cities are leading the market surge. CoreLogic economist Kaytlin Ezzy notes that property values in Perth, Sydney, Brisbane, and Adelaide have reached record highs.

Perth experienced annual growth of 24.1%, followed by Adelaide at 14.8% and Brisbane at 14.5%.

Sydney’s values rose 4.5% in the year to September, while Melbourne and Hobart remain below their March 2022 peaks, down 5.1% and 12.5% respectively.

Ezzy highlights a slowdown in the pace of growth, partly due to a 2.1% year-on-year rise in property listings in October.

“As we move further into spring, we’re likely to see more moderate value growth as new listings continue to rise, easing competition for buyers,” she says.