Total dwelling values show subdued growth: ABS

The Australian Bureau of Statistics (ABS) has revealed that the total value of dwellings in the March quarter (ended 31 March 2024) rose 1.9 per cent (or $209.4 billion) to $10.7 trillion.

This represents a decrease in total dwelling value growth compared to the December 2023 quarter that grew 2.5 per cent to $10.5 trillion, up from $10.3 trillion in the September quarter.

The ABS found that the number of residential dwellings in Australia rose by 52,700, totalling 11,176,100 dwellings at the end of the March quarter. According to the ABS, households owned $10.2 trillion of the total $10.7 trillion in dwelling value.

The mean price of residential dwellings across the country increased to $959,300, an increase of 1.5 per cent (or $14,300) compared to the December quarter.

NSW maintained the highest mean residential dwelling price in the March quarter, with the average home costing $1.21 million, an increase of 1 per cent from $1.2 million in the December quarter.

While NSW dwelling prices have dominated compared to the other states and territories, Western Australia had the most significant increase in average residential dwelling values.

The mean home value in Western Australia was $770,500 in the March quarter, an increase of 5.4 per cent from the December quarter when the average residential dwelling value was $731,300.

Queensland had the next most significant increase in home values, increasing 3.04 per cent from the previous quarter when the average home cost $828,700, now costing $853,900.

South Australia followed with a 2.9 per cent increase in the average residential dwelling value, now costing $760,500, up from $738,800.

Victoria was the only state to have a decrease in the average residential dwelling value, down 0.2 per cent from the December quarter when the average home cost $915,900, now costing $914,300.

According to the ABS, the ACT had marginal growth in the March quarter, up 0.6 per cent from December, costing buyers $950,500 to purchase a home.

Tasmania had a growth rate of 0.7 per cent in the March quarter with the average dwelling valued at $655,800, up from $651,000 in the December quarter.

The Northern Territory had a mean dwelling growth rate of 0.8 per cent, with the average value of a home up to $511,400 from $507,300 in December.

Major bank Westpac revealed that it expects property values to increase a total of 6 per cent in the 2024 calendar year.

[Related: Home prices to increase 6% in 2024: Westpac]