market-insights
SMSF Property Holdings in Australia — 2026 Statistics
Self-managed super funds (SMSFs) hold $182.7 billion of direct real property in Australia — about 17.3% of a $1.06 trillion sector. This article aggregates the most recent 2026 data on what SMSFs own in property: residential vs commercial, how many funds hold it, how much is geared through borrowing, and how fast it has grown. Property inside an SMSF carries a specific obligation — every asset must be valued at market value each year — so these numbers also describe a large, recurring demand for independent valuation.
Every figure below is drawn from the Australian Taxation Office (ATO) — the SMSF Quarterly Statistical Report (March 2026) for sector and asset totals, and the SMSF Annual Overview (2023-24, the latest annual) for per-fund holding rates and averages. Reference periods are noted per figure. Where the ATO does not publish a breakdown, that is stated rather than filled with secondary estimates.
SMSF sector at a glance (March 2026)
| Metric | Figure | Reference |
|---|---|---|
| Number of SMSFs | 672,805 | ATO, Mar qtr 2026 |
| SMSF members | 1,239,977 | ATO, Mar qtr 2026 |
| Total SMSF assets (gross) | $1.058 trillion | ATO, Mar qtr 2026 |
| Direct real property held | $182.7 billion (17.3% of assets) | ATO, Mar qtr 2026 |
| Assets held under LRBAs | $80.4 billion | ATO, Mar qtr 2026 |
| Average assets per fund | $1,634,608 (median $932,572) | ATO, 2023-24 |
How much property SMSFs hold
At 31 March 2026, SMSFs held $182.7 billion of direct Australian real property. Commercial (non-residential) property is the larger share — SMSFs can hold business real property the members' own business leases, which residential rules don't allow:
| Property type | Value held | Share of total SMSF assets |
|---|---|---|
| Non-residential (commercial) | $120.1 billion | 11.4% |
| Residential | $62.7 billion | 5.9% |
| Combined direct real property | $182.7 billion | 17.3% |
For context, direct property sits inside a broader asset mix (March 2026):
| Asset class | Share of SMSF assets |
|---|---|
| Listed shares | 25.8% |
| Cash & term deposits | 15.7% |
| Unlisted trusts | 13.2% |
| Non-residential real property | 11.4% |
| Assets under LRBAs | 7.6% |
| Listed trusts | 6.5% |
| Residential real property | 5.9% |
How many SMSFs actually hold property
Property is concentrated: most funds don't hold any. Per the ATO's 2023-24 annual data, the share of SMSFs holding each asset type:
| Asset | Share of SMSFs holding it (2023-24) |
|---|---|
| Cash | 96.7% |
| Listed shares | 56.3% |
| LRBAs | 11.3% |
| Non-residential real property | 10.9% |
| Residential real property | 10.1% |
So roughly one in ten SMSFs holds residential property, and about one in ten holds non-residential property. These two figures should not be added together into a single "property" percentage — a fund can hold both, so the overlap is double-counted and the ATO does not publish the combined share. (A widely-circulated "41% of SMSFs own residential property" claim is incorrect against the ATO's own data — the actual figure is 10.1%.)
Borrowing to buy: LRBAs
Most SMSFs that buy property do it with cash, but a meaningful minority borrow through a Limited Recourse Borrowing Arrangement (LRBA) — the only way an SMSF can gear an asset. At March 2026:
- $80.4 billion of assets were held under LRBAs (predominantly property).
- Outstanding SMSF borrowings totalled $29.4 billion — just 2.78% of all SMSF assets, so the sector as a whole is very lightly geared.
- 11.3% of SMSFs used an LRBA (2023-24).
The ATO reports LRBAs as a single line — it does not split them into residential vs commercial, so any "most LRBAs are residential" figure comes from private administrators, not the ATO, and is treated here as unverified.
Growth: property is outpacing the sector
SMSF property holdings have grown faster than the sector overall since 2020. From September 2020 to March 2026:
| Measure | Sep 2020 | Mar 2026 | Change |
|---|---|---|---|
| Total SMSF assets | $700.0bn | $1,057.6bn | +51.1% |
| Combined real property | $110.3bn | $182.7bn | +65.6% |
| — Non-residential | $71.8bn | $120.1bn | +67.1% |
| — Residential | $38.5bn | $62.7bn | +62.8% |
| Assets under LRBAs | $52.4bn | $80.4bn | +53.3% |
| SMSF population (funds) | 562,316* | 672,805 | +19.6% |
*Fund count from June 2020 (the asset series starts September 2020). Property inside SMSFs grew +65.6% over the period — well ahead of the +51.1% for the sector as a whole — while outstanding borrowings grew only +17.5%, so the gearing story is one of rising equity, not rising debt.
The compliance angle: every asset valued every year
This is where the numbers meet an obligation. Under SIS Regulation 8.02B, an SMSF trustee must value all fund assets at market value for each income year, and the fund's approved SMSF auditor must verify the valuation basis before the annual return is lodged. For a fund holding real property, that means a defensible market valuation on a recurring basis — not a one-off at purchase.
The ATO has flagged reg 8.02B as a growing problem: valuation breaches made up over 12% of all SMSF contravention reports lodged in 2024-25. With $182.7 billion of property across the sector and property values moving, an independent, market-value valuation to a recognised standard is the cleanest way to satisfy the auditor and the ATO. See our SMSF property valuation service and the SMSF valuation compliance guide for what the ATO actually accepts.
Key takeaways
- $182.7bn of property sits in SMSFs — 17.3% of a $1.06 trillion sector; commercial (11.4%) outweighs residential (5.9%).
- Property holdings grew +65.6% since 2020, faster than the sector (+51.1%).
- Only about 1 in 10 SMSFs holds residential property, and about 1 in 10 holds non-residential — a minority, but a fast-growing one.
- The sector is lightly geared: borrowings are just 2.78% of assets.
- Valuation compliance (reg 8.02B) is a rising breach area — recurring market-value valuations matter.
Methodology
Sector totals, asset allocation, LRBA and borrowing figures are from the ATO SMSF Quarterly Statistical Report, March 2026 (Table 2 asset allocation; Tables 1.1/1.2 population), read directly from the official ATO spreadsheet published on data.gov.au. Per-fund holding rates (share of SMSFs holding each asset) and average/median balances are from the ATO SMSF Annual Overview 2023-24, the latest annual release. Growth is measured from the start of the quarterly asset series (September 2020). The ATO does not publish an LRBA residential/non-residential split, nor a combined "any real property" share of funds, so those are not stated. No figure on this page is an estimate produced by Landmark Valuations; each traces to the ATO.
When an SMSF needs an independent valuation
- Annual reporting — a market-value valuation of fund property to support the SMSF annual return and satisfy the auditor under reg 8.02B (see SMSF property valuation).
- In-specie transfers, related-party dealings, and pension commencement — where the value drives the tax and compliance outcome.
- The 1 July 2027 super tax changes — funds with large balances face a new tax on earnings above $3m, making defensible asset values more important (see how the 2027 reform affects SMSF property).
For any of these, request a quote — Landmark Valuations covers all eight states and territories.
Disclaimer
This article aggregates general statistical information about SMSF property holdings. It is not financial, superannuation, tax, or legal advice, and the figures are point-in-time ATO data that is revised each quarter. Confirm any figure against its ATO source before relying on it, and consult a licensed adviser for your fund. For a market-value valuation of SMSF property, contact Landmark Valuations.
Sources:
- Australian Taxation Office — SMSF quarterly statistical report, March 2026
- Australian Taxation Office — SMSF annual statistical overview, 2023-24
- Australian Taxation Office — Guide to valuing SMSF assets (SIS reg 8.02B)
Last verified: 1 July 2026. Figures are refreshed as the ATO releases each SMSF quarterly report. If you spot an outdated figure, contact info@landmark-valuations.com.au.
See also
- Australian Property Valuation Statistics 2026 — Market, Industry & Cost Data — the whole-market companion to this SMSF-specific data
- SMSF Property Valuation & ATO Compliance — what the ATO accepts as a market valuation
- How the 1 July 2027 Super Reform Affects SMSF Property — the coming tax on balances above $3m
- RICS vs API in Australia — which valuer accreditation the ATO accepts
About the author
Tajinder Dhillon
Principal Valuer
Tajinder Dhillon is the Principal Valuer at Landmark Valuations, a RICS-regulated property valuation firm. He leads independent valuations across residential, commercial, industrial and rural property throughout Australia.
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