- Residential dwellings in Australia are now worth more than ever before
- The average dwelling price in Australia has increased to $941,900
- The ABS has released fresh data on the value of residential dwellings
Residential dwellings in Australia are now worth a total of $10.2 trillion for the first time ever according to figures released by the Australian Bureau of Statistics (ABS).
The total value increased by $221.2 billion in the March quarter of 2022.
Simultaneously the number of residential dwellings in the country rose by 45,000 to 10,801,400.
“The total value of residential dwellings rose $1.8 trillion in the 12 months to the March quarter 2022 from $8.4 trillion in the March quarter 2021.”
Michelle Marquardt, ABS Head of Prices Statistics
The new data brings the average dwelling price in Australia to $941,900 this quarter, up from $925,300 in the December quarter of 2021.
NSW now accounts for 40.1 %, or $4.1 trillion, of the national value of dwellings. This is while it represents only 32% of the national population.
NSW is followed by Victoria which represents 26.9% ($2.7 trillion) of the values of Australia’s dwellings and Queensland with 16.7% ($1.7 trillion).
In Sydney, the median house price climbed 16.4% to reach $1,245,000, and in Melbourne median prices grew 9.4% to reach $930,000 over the twelve months to the March quarter of 2022.
“Over the past year, growth in median prices in regional NSW and Victoria has outpaced growth in their capital cities for both houses and attached dwellings,” Ms Marquardt said.
In regional NSW, the median house price increased 29.1% to reach $800,300. Victoria’s regions grew by 17.4% to $640,000.
The most significant price growth was seen in Regional Tasmania when media house prices skyrocketed 30% over the quarter to reach $520,000. Closely behind, Brisbane’s median price growth grew 29.3%, to $787,500.