Property now accounts for more than half of Australia’s household wealth and is more valuable than all of Australia’s superannuation funds and listed stocks combined. Continuing growth means the total value of Australia’s property market is now $11.1 trillion.

CoreLogic data reveals that 56.3% of household wealth is in housing with 527,688 property sales in the past 12 months worth $492.4 billion. Australia’s regional markets achieved the most significant growth in the past three months with the combined regional dwelling values up by 1.1% compared to 0.3% for capital city values.

In the past quarter, Perth had the highest median dwelling growth in the capital city markets with an increase of 3%, followed by Adelaide, 2.8%, Brisbane, 1.8% and Hobart, 0.4%. All other capital cities recorded slight decreases. Melbourne was down -1%, Sydney, -0.5%, Darwin, -0.7% and Canberra, -0.3%.

CoreLogic says homes took longer to sell throughout spring, with 32 median days on market compared with 28 days in the previous quarter. It says auction clearance rates also eased through Spring. In the four weeks to the end of November, the clearance rate averaged 57.3% across the combined capitals, down from 62.7% in the first four weeks of spring.