The latest data release on Australia’s residential property market reveals significant growth in dwelling values, with the total value of dwellings reaching remarkable levels in the June Quarter of 2023.
Key Statistics:
- Total Value Surge: The total value of residential dwellings in Australia experienced a substantial increase, surging by $325.0 billion to reach an astounding $10,090.6 billion for the quarter.
- Rising Dwellings: The number of residential dwellings also saw a noteworthy rise, with an additional 52,200 dwellings bringing the total to 11,055,800 this quarter.
- Mean Price Rise: The mean price of residential dwellings showed robust growth, climbing by $25,200 to an average of $912,700 this quarter.
Total Value of Dwelling Stock:
The preliminary estimate for the total value of residential dwellings in Australia during the June quarter of 2023 stood at an impressive $10,090.6 billion. This marked a remarkable increase of $325.0 billion compared to the previous quarter, which had a total value of $9,765.6 billion.
Out of this total, households owned $9,694.8 billion worth of residential dwellings, highlighting the significance of residential property as an asset class for Australian households.
During the June quarter of 2023, the total value of residential dwellings witnessed growth in all states and territories, with New South Wales (NSW) and Queensland (QLD) experiencing particularly notable increases.
Mean Dwelling Prices:
The mean price of residential dwellings in Australia saw substantial growth during the same period. The mean dwelling price rose by $25,200, reaching an average of $912,700 for the quarter.
Among the states and territories, New South Wales recorded the highest mean dwelling price at $1,167,500, followed by the Australian Capital Territory (ACT) at $947,900, and Victoria at $904,800. In contrast, the Northern Territory had the lowest mean dwelling price at $512,700.
Revisions and Changes:
It is important to note that all estimates for the current quarter are preliminary. Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock and its components. These revisions are standard practice in these series.
This data release provides a comprehensive insight into the robust growth of Australia’s residential property market, emphasizing its importance within the national economy and the increasing value of dwellings across the country.