PHOTO: Australian Wealth

Although the market has softened, Australia’s residential property market is currently valued at $7.6 trillion and remains the backbone of Australia’s wealth, according to Matt Lahood, CEO of The Agency.

Given the market decline, Mr Lahood said that property ownership should not be viewed as a short-term objective — and then the property cycles are more easily put into perspective.

“As of November 30, 2018, the combined capital city home value index dropped by 5.66 per cent from the same time last year, but over the 2012 to 2017 super cycle, the combined capital city home value index rose [by] 47.3 per cent,” the CEO said in The Agency’s summer 2018–2019 property report.