Total value of Australian residential dwellings tops $10 trillion for the first time
The total value of Australia’s residential dwellings rose by $221.2 billion in the March quarter 2022, according to figures released by the Australian Bureau of Statistics (ABS) on 14 June, 2022.
This brought the total value of Australia’s 10.8 million dwellings to $10.2 trillion for the first time.
Michelle Marquardt, Head of Prices Statistics at the ABS, said, “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.”
NSW accounted for 40.1%, or $4.1 trillion, of Australia’s total value of dwellings, followed by Victoria with 26.9% ($2.7 trillion) and Queensland with 16.7% ($1.7 trillion).
The mean price of residential dwellings in Australia was $941,900, up from $925,300 in the December quarter 2021.
“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.
The median house price in Sydney rose by 16.4% to $1,245,000, and by 9.4% to $930,000 in Melbourne, over the 12 months to the March quarter 2022. Meanwhile, in regional NSW, the median house price increased 29.1% to $800,300, and the Victorian regions saw a rise of 17.4% to $640,000.