The estimated total in SMSF assets saw a slight decrease, falling from $728 billion down to $726 billion.

The latest statistics also indicate that the total value of LRBAs jumped by just 1.6 per cent from $42.2 billion up to $42.9 billion.

Between December 2016 and December 2017, LRBAs increased by 45.2 per cent from $29.1 million up to $42.2 million.

According to the CoreLogic home value index results released at the beginning of March, national dwelling values have seen a cumulative decline of 6.8 per cent since property values peaked in October 2017.

Weaker housing market conditions have hit Sydney and Melbourne particularly badly, with the dwelling values down by 10.4 per cent in Sydney and down by 9.1 per cent in Melbourne in the 12 months to the end of February this year, according to CoreLogic.

In addition to a weaker property market, there were also significant changes to SMSF lending in 2018, with Westpac, CBA and AMP all withdrawing their SMSF loan products for residential properties.

The government also introduced a bill in May last year which will amend the calculation of a member’s total superannuation balance for certain types of LRBAs.

The top asset types held by SMSFs continue to be listed shares and cash and term deposits, which comprise 28 per cent and 24 per cent of total estimated SMSF assets, respectively.