Housing Hits $10.4 Trillion
The total value of Australia’s residential housing market has hit $10.4 trillion.
Australian Bureau of Statistics figures show property prices throughout Australia are continuing to rise. Its figures show in the final quarter of 2023, the total value of Australia’s 11.1 million residential properties increased by almost $200 billion.
It was the third consecutive quarter that the total value of residential property has exceeded $10 trillion.
The ABS says the mean home price in Australia is now $933,800 with all states and territories recording a rise in dwelling values during the quarter.
The mean price was highest in NSW, $1,184,500, followed by the ACT ($948,500), Victoria ($895,000), Queensland ($828,300), South Australia ($731,800), and Western Australia ($727,900). Tasmania is $653,800 and the Northern Territory, $489,200.
The report also shows the number of residential buildings rose by 52,500 during the quarter.
CoreLogic’s March 2024 Home Value Index (HVI) recorded a national increase in dwelling values of 0.6% in February.
