Those who own real estate in the city of Knox may be interested to know that Victorian real estate makes a large contribution to the state's economy.
Documented by the Victorian valuer general, the combined value of residential real estate in the southern state is estimated to be worth $1.083 trillion.
Since 2010, this value has increased from $978 billion – representing 11 per cent growth.
This highlights the significance the residential real estate sector plays in the economy, given that it is worth more than all other types of property, the valuer general said.
He reported: "The commercial sector had the second highest value with the 147,000 properties recording a combined value of $148 billion. Their value increased by nine per cent over two years.
"The commercial sector was followed by property in rural areas, which had a combined value of $97 billion following a 12 per cent increase since 2010."
Industrial real estate which encompasses 72,000 pieces of property is worth a total of $62 billion.
The valuer general clarified this by saying that the typical location for industrial properties is generally valued at a lesser amount.