Australian Values Top 10 Trillion

The total value of Australia’s 10.8 million residential homes has broken the $10 trillion mark for the first time.
According to Australian Bureau of Statistics figures, the total value of dwellings rose $221.2 billion in the March 2022 Quarter, lifting the total value to $10.2 trillion.
ABS head of price statistics Michelle Marquardt says the latest figures mean the value of homes increased by $1.8 trillion in the past 12 months.
New South Wales properties make up the largest proportion of Australia’s total value of dwellings, accounting for $4.1 trillion worth of property. Victoria is next with $2.7 trillion and Queensland third with $1.7 trillion.
ABS figures show it is the smaller capital cities which are performing the best with the median house price in Brisbane up by 29.3% to $787,500 in the past 12 months and up by 23.8% in Adelaide to $650,000.
While there has been much speculation about prices dropping in Sydney and Melbourne, median house prices are still higher than 12 months ago, according to the latest ABS figures.
The median house price in Sydney is up 16.4% to $1,245,000 and Melbourne is up 9.4% to $930,000.