Residential property the biggest contributor to wealth
The property sector is one of the biggest contributors to Victoria's wealth, with residential ...
The property sector is one of the biggest contributors to Victoria's wealth, with residential real estate topping the list in terms of value.
According to data from the Victorian Valuer General, the state's 2.3 million private dwellings held a combined total wealth of $1.083 trillion in 2012 - an 11 per cent increase on the $978 billion recorded in 2010.
"This is of course significantly higher than the value of all sales each year as only four to five per cent of all homes are sold every year," the Real Estate Institute of Victoria (REIV) said.
"The residential sector had the highest combined value all the types of property in Victoria, which is a factor of the critical role housing plays."
Commercial property was the second largest sector in terms of value, with 147,000 premises equating to $148 billion - a nine per cent lift from two years ago.
In comparison, rural real estate had a combined total value of $97 billion - a 12 per cent increase since 2010.
The data went on to reveal the state's 72,000 industrial properties increased by seven per cent to $62 billion during the same time period.
The REIV said this is a reflection of the lower value that the industrial sector has in comparison with commercial and residential.