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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Update resultsUpdate
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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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