Value of residential dwellings passes $9 trillion

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Released
7/12/2021
Source
Residential Property Price Indexes: Eight Capital Cities, September 2021

The total value of Australia’s 10.7 million residential dwellings rose by $487.0 billion to $9,259.2 billion in the September quarter 2021, according to figures released today by the Australian Bureau of Statistics (ABS). The mean price of residential dwellings in Australia was $863,700, up from $821,700 in the June quarter 2021. 

Head of Prices Statistics at the ABS Michelle Marquardt said: "The total value of residential dwellings in Australia surpassed $9 trillion for the first time. 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." 

NSW accounted for 40 per cent, or $3.7 trillion, of Australia's total value of dwellings. The average price of residential dwellings in NSW rose to a record level of $1.1 million. 

Residential property prices rose 5.0 per cent in the September quarter 2021. House prices rose 5.7 per cent, while attached dwelling prices rose 3.1 per cent.

Annually, residential property prices rose 21.7 per cent, the strongest annual growth since the Residential Property Price Index series commenced in the September quarter 2003. Annual growth in house prices (+25.4 per cent) continued to outpace those of attached dwellings (+12.4 per cent).

All capital cities recorded rises in residential property prices in the 12 months to the September quarter 2021, with growth rates either setting new records or reaching levels not seen in many years:

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

"The September quarter results were consistent with housing market conditions," Ms Marquardt said. "Continued solid growth in residential property prices was supported by record low interest rates, strong demand and low levels of stock on the market."

During the September quarter 2021, COVID-19 restrictions were imposed in Sydney, Melbourne and Canberra. The number of residential property transactions fell in all three cities, with Melbourne the most heavily affected. 

Further details can be found in Residential Property Price Indexes: Eight Capital Cities, available for free download from the ABS website.

Media notes

  • Established houses are detached residential dwellings on their own block of land, regardless of age.
  • The term 'attached dwellings' includes flats, units and apartments plus semi-detached, row and terrace houses.
  • The value and mean price of residential dwellings includes any land.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
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