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PHOTO: Australian Wealth<\/strong><\/p>\n\n\n\n Although the market has softened, Australia\u2019s residential property market is currently valued at $7.6 trillion and remains the backbone of Australia\u2019s wealth, according to Matt Lahood, CEO of The Agency.<\/p>\n\n\n\n Given the market decline, Mr Lahood said that property ownership should not be viewed as a short-term objective \u2014 and then the property cycles are more easily put into perspective.<\/p>\n\n\n\n \u201cAs of November 30, 2018, the combined capital city home value index dropped by 5.66 per cent from the same time last year, but over the 2012 to 2017 super cycle, the combined capital city home value index rose [by] 47.3 per cent,\u201d\u00a0the CEO said in The Agency\u2019s summer 2018\u20132019 property report.<\/p>\n\n\n\n READ MORE VIA REB<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n