Australian housing stock now worth more than $9 trillion

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on December 07, 2021 Fact Checked
Australian housing stock now worth more than $9 trillion

The total value of Australia's housing market has reached record highs according to new data released Tuesday by the Australian Bureau of Statistics.

Aussie homeowners are reaping the rewards of a hot property market, with Australia’s 10.7 million residential dwellings rising $487.0 billion in value to $9,259.2 trillion according to figures released today by the Australian Bureau of Statistics (ABS).

New South Wales accounted for 40%, or $3.7 trillion of Australia's total value of dwellings with the average price of residential dwellings in NSW rising to a record level of $1.1 million. 

The data released by the ABS covering the September quarter for 2021, highlighted the mean price of residential dwellings in Australia has risen to $863,700, up from $821,700 in the June quarter. 

Head of Prices Statistics at the ABS, Michelle Marquardt, said the value of Australia's dwelling stock has risen by nearly $1 trillion in the past six months.

"By comparison, the previous increase of just over $1 trillion took 15 months, rising from $7.2 trillion in the December quarter 2019 to $8.4 trillion in the March quarter 2021," Ms Marquardt said. 

Total value of dwellings.jpg

Annually, ABS data highlights residential property prices rose 21.7% - the strongest annual growth since the Residential Property Price Index series commenced in the September quarter 2003.

Further, ABS noted rises in residential property prices across all capital cities over the past 12 months to the September quarter 2021:

  • Hobart (+25.7%), Sydney (+25.4%) and Canberra (+25.2%) each had their largest annual rise since the series commenced.
  • Perth (+15.7%) had the largest annual rise since the March quarter 2007.
  • Brisbane (+19.7%) and Adelaide (+19.0%) each had their largest annual rise since the March quarter 2008.
  • Darwin (+13.7%) had the largest annual rise since the March quarter 2010.
  • Melbourne (+19.5%) had the largest annual rise since the June quarter 2010.

Property prices september quarter change.jpg

Ms Marquardt said the September quarter results were consistent with housing market conditions.

"Continued solid growth in residential property prices was supported by record low interest rates, strong demand and low levels of stock on the market," Ms Marquardt said. 


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Image by Ralph Kelly via Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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