Australia’s housing market has become worth five times the annual output of the economy after total property values soared $213 billion in the months following the first interest rate cut this year.

ABS Figures released Tuesday showed the total value of the country’s residential dwellings rose to $11.6 trillion in the June quarter, up from $11.35 trillion in March.

Australia’s nominal GDP is estimated to reach about A$2.58 trillion to $2.7 trillion over 2025, according to current projections.

It comes as property experts reveal housing demand has soared across many regions of the country since the Reserve Bank announced the first of three interest rate cuts this year in February.

This has driven strong price increases, especially in medium-sized cities such as Brisbane, Adelaide and Pe

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