- Value of Australian dwellings have returned to the $10T mark.
- The number of residential dwellings rose by 52,200.
- NSW and Queensland led the price rises.
The latest Australian Bureau of Statistics (ABS) data, released this morning, shows that the total value of residential dwellings in the June quarter has hit $10 trillion again, following a decline from the milestone after June 2022.
Preliminary data found that the total value of homes across Australia rose to $10,090.6 billion in the June quarter of 2023, up $325 billion from $9,765.6 billion in the previous quarter of this year.
Total value of dwelling stock, Australia
The number of residential dwellings in Australia rose by 52,200 to 11,055,800, and the mean price of residential dwellings saw an uptick of $25,200 to $912,700 this quarter.
Owner-occupiers were also in the majority, with the ABS data showing of the total value of residential homes, $9,694.8 billion was owned by households.
NSW and Queensland led the pack
New South Wales recorded a leap in mean dwelling prices from $1.125 million in the March quarter of 2023 to $1.167 million in the June quarter.
Queensland also recorded a significant leap in mean home prices, rising from $755,700 in the last quarter to $781,600 in the June quarter.
Next on the list was South Australia, recording a $21,400 rise from $663,300 to $684,700.
Mean dwelling price, states and territories
| Dec Qtr 22 ($’000) | Mar Qtr 23 ($’000) | Jun Qtr 23 ($’000) | |
| NSW | 1,133.4 | 1,125.9 | 1,167.5 |
| VIC | 901.3 | 891.8 | 904.8 |
| QLD | 751.2 | 755.7 | 781.6 |
| SA | 662.7 | 663.3 | 684.7 |
| WA | 645.3 | 652.4 | 671 |
| TAS | 665.4 | 661 | 662.2 |
| NT | 510.1 | 517.3 | 521.7 |
| ACT | 962.8 | 941.4 | 947.9 |
| Australia | 891 | 887.5 | 912.7 |
Source: ABS.
Contextualising the numbers
Urban Development Institute of Australia (UDIA) NSW CEO, Steve Mann, says NSW’s concerning dual issue of high price growth coupled with having the priciest houses in the nation speaks to a simple reality of not enough houses being built to satisfy demand.
“This has been a trend for many years, with research suggesting we have failed to hit our housing targets state wide for consecutive years since the 2016-2018 apartment boom,” he said.
“As part of the National Housing Accord, NSW will need to build 75,600 homes a year on average; we are currently delivering around 47,000.
“Should this desired step change not occur, we threaten to have even more unaffordability pervade the market, and for these high prices to become embedded in the market.”
Mann added that this would come at a great economic loss to NSW.
CoreLogic director, Tim Lawless, says the figures serve as a timely reminder about how much wealth is held by Australian households in the housing asset class.
“Compared with other asset classes, the value of the Australian housing sector, at $10 trillion, dwarfs other assets.
“With housing values trending higher and more newly built homes moving out of a prolonged construction phase, the value of Australian housing is likely to rise to new record highs over the coming quarters.”
