Signal Australia was the exception as real estate corrected nearly everywhere in 2025

Summary

MGI finds that in 2025 real estate kept correcting relative to GDP in almost every economy it focuses on. Australia was the standout exception, with household real estate expanding by more than 10 percentage points of GDP over the year. It also tops the list overall, with real estate valued at 4.5 times GDP. Compared with its own average over the past 25 years, Australia's ratio is the most elevated of any country, sitting 80 percentage points higher. The report points out that real estate is the largest single asset on the global balance sheet, two-thirds of it held by households, so these moves weigh heavily on household wealth.