Shining a light on your property’s worth

Australian property owners are dangerously uninformed about what their own home is worth, and it feeds into their decision-making. While plenty of data takes a birds-eye view, local factors tend to distort value estimations.

Australia’s housing market is estimated to be worth around $5.1 trillion and housing accounts for a majority of household net worth. Yet despite regular and timely updates on house price valuations at the city or national level, most households have little idea about what their individual home or investment property is worth.

Recent research by Reserve Bank of Australia economists Callan Windsor, Gianni La Cava and James Hansen, in a paper called Home Price Beliefs in Australia, explores the economic impact of beliefs about housing on the economy.

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