This brought the total value of Australia's 10.8 million dwellings to $10.2 trillion for the first time in history, to the March 2022 quarter.

The ABS reported that “of the total value of residential dwellings, $9,723.7 billion was owned by households.”

Of this, NSW accounted for 40.1%, followed by Victoria with 26.9%, and Queensland with 16.7%. 

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In a presentation on Tuesday, CoreLogic head of research Eliza Owen said the total value of residential real estate surpasses the value of the Australian Securities Exchange, the total value of superannuation, and the value of commercial real estate.

Mean price increased for residential dwellings

The mean price of residential dwellings in Australia rose by $16,600 to $941,900 this March quarter 2022. 

NSW took the lead with the highest mean price of residential dwellings with $1,222,200, while the Australian Capital Territory followed with $1,028,000. 

According to the ABS, the lowest mean price in the country was the Northern Territory with $509,100.

Median prices in regional NSW and VIC take over the capital cities

"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," ABS head of prices statistics Michelle Marquardt said.

In regional NSW, the median house price increased 29.1% to $800,300 while Sydney only saw a 16.4% rise to $1,245,000.

Meanwhile, the Victorian regions saw a rise of 17.4% to $640,000 while capital city Melbourne only experienced a 9.4% increase to $930,000 over the past 12 months.

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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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