- Australia's 10.7M residential dwellings have risen by $487 billion during the quarter
- The mean price of dwellings is $863,700
- Hobart has recorded the highest growth in property prices of all the capital cities
The value of Australia’s 10.7 million residential dwellings has risen to over $9 trillion, the Australian Bureau of Statistics (ABS) announced.
The milestone was due to a $487 billion increase recorded during the September quarter. This means the value of residential property has increased by $1 trillion in just six months.
The mean price of residential dwellings across Australia was $863,700, up from $821,700 recorded during the June quarter.
Michelle Marquardt, the head of prices statistics at the ABS, noted this was the first time all residential dwellings reached a valuation above $9 trillion.
“The value of Australia’s dwelling stock has risen by nearly $1 trillion in the past six months,” she said.
“By comparison, the previous increase of just over $1 trillion took 15 months, rising from $7.2 trillion in the December quarter 2019 to $8.4 trillion in the March quarter 2021.”
Michelle Marquardt, ABS
Despite having around a third of Australia population, New South Wales accounts for 40% of Australia’s total value of dwellings, at $3.7 trillion.
Residential dwellings in the state now have an average value of $1.1 million – a record.
Prices rose by 5% during the September quarter
Residential property prices rose by 5% during the September quarter. Houses recorded a 5.7% increase followed by 3.1% for attached dwellings.
Annually, property prices have risen by 21.7%, which is the strongest since the ABS began the series in 2003. Houses recorded a 25.4% annual increase – more than double that of attached dwellings, which recorded 12.4%.
“The September quarter results were consistent with housing market conditions,” Ms Marquardt said.
“Continued solid growth in residential property prices was supported by record low-interest rates, strong demand and low levels of stock on the market.”
All the capital cities recorded growth in the twelve months to September 2021, with Hobart leading the way (25.7%) followed by Sydney (2.4%) and Canberra (25.2%).
