eight pool ball
Values and property prices continue to increase across Australia. Image – Canva.
  • There are 10.6M residential dwellings in Australia
  • ABS said value rose by almost $450B during the March quarter
  • The first time the average price has risen above $1 million in any state or territory

The Australian Bureau of Statistics (ABS) has announced the total value of the 10.6 million residential dwellings in Australia is now worth $8.293 trillion.

This equates to a rise of $449.9 billion in the March quarter 2021 alone – the largest such rise on record.

The announcement confirms CoreLogic’s reckoning last month that Australian property had also exceeded $8 trillion.

Mean residential dwelling prices increased to $779,000 from the $739,900 recorded during the December quarter 2020.

Michelle Marquardt, the Head of Prices Statistics at the ABS, said New South Wales, in particular, drove the large increase.

“The total value of residential dwellings in Australia surpassed $8 trillion for the first time. NSW accounted for approximately 40 per cent or $3.3 trillion of Australia’s total value of dwellings.

“The average price of residential dwellings in NSW rose to $1.01 million. This was the first time any state or territory had seen the average price of dwellings rise above $1 million.”

Michelle Marquardt, Head of Price Statistics ABS

During the March quarter, residential property prices rose by 5.4% – the strongest quarterly growth since December 2009.

More specifically, house prices rose by 6.4% – the highest quarterly increase since ABS began publishing such data in 2002 – while other dwellings rose by 2.7%.

All the capital cities recorded a rise in residential property prices with Sydney and Melbourne recording 61% and 5.1% increases respectively.

Annualised, residential property prices have risen by 7.5%, with Canberra recording the largest rise in property prices at 10.9% followed by Hobart at 10.2% and Perth at 9%.

“Results this quarter were consistent with housing market conditions. Strong demand for housing was supported by record low interest rates, government initiatives, and rising consumer confidence.

“Price rises were observed in all segments of the housing market with growth in house prices continuing to outpace price growth in attached dwellings.”




You May Also Like

Australian housing market upswing extends into the New Year

Positive price momentum rippled into 2024 as CoreLogic’s latest results show a rise in dwelling values.

Australian home values hit a new high in November, marking a V-shaped return to form

November marks a triumphant return for Australian home values, soaring to unprecedented heights, signaling a robust market rebound.

More properties are selling below estimated prices

Properties are selling below estimates in all states suggesting that buyer sentiment has declined

Residential prices, volumes expected to decline in 2023: HTW

Once inflation and interest rates peak, greater consumer confidence should stabilise the residential property market in late 2023.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Perth property market: The definitive guide to buying a modular home

Modular homes, misunderstood as inferior, offer efficient, durable alternatives to traditional construction methods.

The 50 square metre solution getting people into their first homes and delivering an answer to ...

Small, modular homes could be a key part of the broader solution to Western Australia's current housing challenges.

The hardest time ever to buy a house in Australia: How Australian home buying got ...

We're currently in a buyer's market, but that doesn't mean Australian house prices are crashing.