Total Value of Dwellings

The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2022 was $10,173.6 billion, up $221.2 billion from $9,952.4 billion in the December quarter 2021. 

The total value of residential dwellings in Australia surpassed $10 trillion for the first time, rising $1.8 trillion in the past twelve months from $8.4 trillion in the March quarter 2021.

Of the total value of residential dwellings, $9,723.7 billion was owned by households.

The number of residential dwellings rose by 45,000 to 10,801,400, and the mean price of residential dwellings rose $16,600 to $941,900, this quarter. 

The value of residential dwellings in NSW this quarter was $4,078.8 billion, approximately 40.1% of the total value of dwellings in Australia.

The mean price of residential dwellings in NSW rose by $6,800 to $1,222,200 during the March quarter 2022 and was the highest in the country. The second highest mean price was in the Australian Capital Territory ($1,028,000), followed by Victoria ($966,500). The lowest mean price ($509,100) was in the Northern Territory. 

This release also presents estimates of median prices of residential dwellings. 

Over the last twelve months, growth in median prices in regional NSW and Victoria has outpaced growth in their capital cities for both houses and attached dwellings.

The median house price in Sydney rose by 16.4% to $1,245,000, and by 9.4% to $930,000 in Melbourne, over the twelve months to the March quarter 2022. Meanwhile, in regional NSW, the median house price increased 29.1% to $800,300, and by 17.4% to $640,000 in the Victorian regions.

Nationally, the strongest annual rises in median house prices were in regional Tasmania (+30.0%, to $520,000) and in Brisbane (+29.3%, to $787,500).

Over the last twelve months, the median price of attached dwellings rose by 1.3% to $770,000 in Sydney and by 0.2% to $631,000 in Melbourne. By comparison, the median attached dwelling price in regional NSW increased 16.3% to $686,100, while in regional Victoria it rose by 8.2% to $530,000.

Across the country, the strongest annual rises in median prices of attached dwellings were in Hobart (+24.1%, to $589,300) and Canberra (+24.0%, to $630,000).

All estimates for the current quarter are preliminary. Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock and its components (see Revisions, under Total value of dwelling stock, in the Methodology page), and to median prices and transfers (see Revisions, under Dwelling transfer counts and median prices, in the Methodology page). Revisions to estimates for previous quarters are standard practice in these series.

The data in Table 1, ‘Total value of dwellings, all series’, was previously published as Table 6, 'Value of residential dwellings, all series', under catalogue number 6416.0 'Residential Property Price Indexes: Eight Capital Cities'.

The data in Table 2, 'Median price and number of transfers (capital city and rest of state)’, was previously published as Tables 4 and 5, 'Median price (unstratified) and number of transfers (capital city and rest of state)', under catalogue number 6416.0 'Residential Property Price Indexes: Eight Capital Cities'.

The product Residential Property Price Indexes: Eight Capital Cities ceased with the December quarter 2021 issue. Please see ABS media release 'Update on the Australian Bureau of Statistics work program' for further information.