Value of residential dwellings passes $10 trillion
The total value of Australia’s residential dwellings rose by $221.2 billion in the March quarter 2022, according to figures released today by the Australian Bureau of Statistics (ABS). This brought the total value of Australia’s 10.8 million dwellings to $10.2 trillion for the first time.
Michelle Marquardt, head of Prices Statistics at the ABS, said: "The total value of residential dwellings rose $1.8 trillion in the 12 months to the March quarter 2022 from $8.4 trillion in the March quarter 2021.”
NSW accounted for 40.1 per cent, or $4.1 trillion, of Australia's total value of dwellings, followed by Victoria with 26.9 per cent ($2.7 trillion) and Queensland with 16.7 per cent ($1.7 trillion).
The mean price of residential dwellings in Australia was $941,900, up from $925,300 in the December quarter 2021.
"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," Ms Marquardt said.
The median house price in Sydney rose by 16.4 per cent to $1,245,000, and by 9.4 per cent to $930,000 in Melbourne, over the 12 months to the March quarter 2022. Meanwhile, in regional NSW, the median house price increased 29.1 per cent to $800,300, and the Victorian regions saw a rise of 17.4 per cent to $640,000.
|March Qtr 2021 - 2022||March Qtr 2022||March Qtr 2021 - 2022||March Qtr 2022|
|Capital city||Annual change (%)||Median house price ($)||Regional (a)||Annual change (%)||Median house price ($)|
|Sydney||16.4||1,245,000||New South Wales||29.1||800,300|
- Rest of State or Territory, outside of the capital city
- This is the first issue of the Total Value of Dwellings publication. The data series included were previously published in Residential Property Price Indexes: Eight Capital Cities. For further information please refer to the Media Statement: Update on the Australian Bureau of Statistics work program.
- Dwellings comprise houses and attached dwellings. Houses are detached residential dwellings on their own block of land. Attached dwellings include flats, units and apartments plus semi-detached, row and terrace houses.
- The value and price of residential dwellings includes any land.
- The median prices are calculated with no stratification or weighting applied. Movements in the median prices should not be interpreted as, or compared to, movements in price indexes.
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