Invest
Australia’s residential dwellings now valued at $7,724.4bn
The total value of Australian residential dwellings saw its strongest rise in four years, according to new figures from the Australian Bureau of Statistics (ABS).
Australia’s residential dwellings now valued at $7,724.4bn
The total value of Australian residential dwellings saw its strongest rise in four years, according to new figures from the Australian Bureau of Statistics (ABS).
The latest figures show that the total value of all 10.6 million residential dwellings in Australia rose by $257.9 billion over the December 2020 quarter to $7,724.4 billion.
This is the strongest rise in total value since the December 2016 quarter, which brings the mean price of residential dwellings in Australia to $728,500.
To date, NSW has the highest mean price for residential dwellings at $939,700, followed by Victoria ($785,000) and the ACT ($757,000). The most affordable state/territory is the Northern Territory, with a mean price of $429,400.
Across the eight capital cities, residential property prices rose by 3.0 per cent over the quarter – the strongest quarterly growth since the December 2019 quarter.
All capital cities recorded a quarterly rise in residential property prices, with Melbourne and Canberra leading the charge at 3.4 per cent. This was followed by Hobart with 3.1 per cent and Sydney with 3.0 per cent.
Meanwhile, Perth saw a 2.9 per cent increase in residential property prices, followed by Brisbane with 2.7 per cent, Adelaide with 2.6 per cent and Darwin with 2.2 per cent.
“The rise in property prices is consistent with a range of housing market indicators,” according to ABS head of prices statistics Michelle Marquardt.
“New lending commitments to households, auction clearance rates and days on market all improved during the December quarter.”
Annually, from the December 2019 quarter to the December 2020 quarter, residential property prices rose by a weighted average of 3.6 per cent across the eight capital cities.
According to Ms Marquadt, this is the first time that all capital cities have seen an annual increase since the December 2014 quarter.
Hobart saw the highest annual rise at 6.4 per cent, followed by Canberra with 5.2 per cent, Perth with 4.2 per cent and Brisbane with 4.0 per cent.
Adelaide followed with 3.8 per cent, then Sydney with 3.7 per cent, Melbourne with 2.9 per cent and Darwin with 2.3 per cent.
Ms Marquadt noted that over the year, the number of residential property sales also increased in all capitals apart from Melbourne and Hobart, with the strongest increases seen in Perth, Canberra, Sydney and Brisbane.
RELATED ARTICLES
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more
Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more
Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more
Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more
Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more
Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more
Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more
Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more
Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more
