- Australian Bureau of Statistics (ABS) says the total value of Australia’s 10.7 million residential residences has increased by $487 billion to $92.6 trillion
- The average price of a residential residence in Australia was $863,700 in the June quarter of 2021, up from $821,700 in the previous quarter
- In early October 2021, CoreLogic put the value of the residential real estate at a new record of $9.1 trillion, just five months after placing the value at $8 trillion
- NSW contributed 40 per cent of Australia’s total residential value, approximately $3.7 trillion
Data issued today by the Australian Bureau of Statistics (ABS) shows the total value of Australia’s 10.7 million residential residences increased by $487 billion to $92.6 trillion in the September quarter 2021.
The average price of a residential residence in Australia was $863,700 in the June quarter of 2021, up from $821,700 in the previous quarter.
“The total value of residential dwellings in Australia surpassed $9 trillion for the first time,” 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.”
In early October 2021, CoreLogic put the value of the residential real estate at a new record of $9.1 trillion, just five months after placing the value at $8 trillion.
NSW contributed 40 per cent of Australia’s total residential value, approximately $3.7 trillion. The average price of residential property in NSW has reached a new high of $1.1 million.
In the September quarter of 2021, residential property prices increased by five per cent. House prices increased by 5.7 per cent, while attached housing prices increased by 3.1 per cent.
“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.”