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It’s official, Australia’s 10.6 million residential dwellings are now worth $8,293.2 billion, with NSW emerging as a record setter after its average house price cracked $1 million for the first time.
The total value of residential dwellings in Australia surpassed $8 trillion for the first time, following months of broad-based capital gains, official data from the Australian Bureau of Statistics (ABS) has confirmed.
According to the ABS, Australia’s 10.6 million dwellings added $449.9 billion in value to reach $8,293.2 billion in the March quarter. Widespread property wins took the mean price of residential dwellings to $779,000, up from $739,900 in the December quarter 2020.
NSW accounted for approximately 40 per cent or $3.3 trillion of Australia’s total value of dwellings. The state was also the first to see its average house price penetrate $1 million to reach $1.01 million.
ABS data put property price growth at 5.4 per cent in the March quarter – the strongest quarterly growth since the December quarter 2009.
In fact, all capital cities recorded a rise in residential property prices led by Sydney (6.1 per cent) and Melbourne (5.1 per cent). Property prices also rose in (5.2 per cent), Brisbane (4.0 per cent), Adelaide (4 per cent), Canberra (5.6 per cent), Hobart (6.1 per cent) and Darwin (4.7 per cent).
“Results this quarter were consistent with housing market conditions,” said Michelle Marquardt, head of prices statistics at the ABS.
“Strong demand for housing was supported by record-low interest rates, government initiatives and rising consumer confidence. Price rises were observed in all segments of the housing market, with growth in house prices continuing to outpace price growth in attached dwellings,” Ms Marquardt said.
House prices rose 6.4 per cent, marking the strongest growth since the series began in March quarter 2002.
Annually, residential property prices rose 7.5 per cent, with rises in all capital cities. The largest annual rise in property prices was in Canberra (10.9 per cent), followed by Hobart (10.2 per cent) and Perth (9 per cent).
News of Australia’s $8 trillion property market was first broken in May by CoreLogic, with the data agency reporting 53 per cent of household wealth is held in housing.