Housing Value Hits New High

The total value of Australia’s housing has grown by more than $200 billion in the past three months to reach $11.6 trillion.

The latest increase means that over the past five years, the total value of property has increased by 60%, according to Australian Bureau of Statistics data. It is now worth more than four times the value of the Australian Stock Exchange.

ABS head of finance statistics, Mish Tan, says property prices are continuing to rise throughout Australia, but despite the quarterly rise in national dwelling values, the pace of growth has slowed.

According to Tan, sentiment in the Australian housing market remains “increasingly upbeat”.

“Average house prices rose 1.4% over the (June) quarter, reaching record highs in NSW, Queensland, South Australia, and Western Australia,” she says.

Tan says of the total value of residential housing, the vast majority ($11.1 trillion) is owned by households.

During the quarter, the number of residential dwellings rose by 53,600 to 11.4 million.