The total value of Australia’s property market continues to grow, breaching $11 trillion for the first time.

Property values increased by $900 billion in the past 12 months, according to CoreLogic. It says home values nationwide grew by 1% in the September 2024 quarter, with growth for the year to September now at 6.7%.

The smaller capital cities continue to drive the market, with CoreLogic economist Kaytlin Ezzy saying property values in Perth, Sydney, Brisbane and Adelaide are at record highs. Perth’s annual growth is 24.1%, Adelaide 14.8% and Brisbane 14.5%. Sydney is up 4.5% in the 12 months to September while Melbourne and Hobart are 5.1% and 12.5% respectively below record highs recorded in March 2022.

Ezzy says the pace of growth has slowed, partly influenced by an increase in listings, which are up 2.1% year-on-year in October. “As we move through spring, we’re likely to see further moderation in value growth as new listings continue to rise, providing some relief for buyers who have faced intense competition over the past year,” she says.