ISCOVER
More than $200 billion has been added to the value of housing in just three months.
The total value of housing rose by $213.8 billion to $11.6 trillion over the June quarter of this year, maintaining steady growth to hit a record high, according to ABS data.
The result means the value of dwelling stock in Australia has soared 60 per cent over the last five years and leaves the total more than four times bigger than the market capitalistion for the ASX stock exchange on the same date.
Average house prices rose 1.4 per cent over the quarter, reaching record highs in NSW, Queensland, South Australia, and Western Australia.
Housing values rose in all states and territories, with growth most evident in Queensland and Western Australia, where they rose 2.7 per cent in both states.
The mean price of residential housing rose by $14,100 to $1.0 million over the quarter.
Growth in average prices was most evident in Western Australia (up 2.3 per cent), Queensland (rising 2.2 per cent), NSW (up 1.1 per cent), Victoria (up 1.1 per cent), and South Australia (up 1.1 per cent).
Average home prices were highest in NSW at $1.26 million, followed by Queensland at $977,300 and the ACT at $949,400. The Northern Territory maintains the lowest mean price at $523,400.
Of the total value of residential housing, the vast majority ($11.1 trillion) was owned by households.
During the three-month period, the number of residential dwellings rose by 53,600 to 11.4 million.
Mish Tan, ABS head of finance statistics, said: “June quarter’s growth in the value of dwellings followed a 0.3 per cent rise in the March quarter, with increases across all states and territories.
“Despite the quarterly rise in national dwelling values, annual growth continued to slow to 5.1 per cent, compared to the growth rate of 8.9 per cent in June 2024.”
The record high value of housing stock comes as housing affordability stands at its lowest level for households of all incomes since at least 1995.
In spite of that, housing-related sentiment is looking increasingly upbeat, as interest rate cuts and expectations of further price rises lift confidence levels in the market.
[Related: Affordability for first home buyers falls to record low]
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