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The value of residential housing in Australia has surpassed $10.2 trillion, representing the combined value of the nation’s 11 million residential properties – a historic milestone reached for the first time.
According to the Australian Bureau of Statistics, the value of residential dwellings soared by $261.0 billion in the September quarter of 2023, contributing to a record total of $10.2 trillion.
Since the last quarter (June), Australian residential property values have maintained a double-digit growth trajectory.
This surge followed a period of sluggish growth after hitting the $10 trillion mark in the March quarter of 2022.
The escalation in Australia’s residential housing stock values has been notable since March 2019 when the aggregate value stood at $6.6 trillion.
This increase persisted despite a downturn between April 2022 and February 2023.
After experiencing a 9.1 per cent decline in home values during 2022 and early 2023, there has been a consistent uptick since March 2023, according to CoreLogic.
However, this upswing has been tempered by rising interest rates.
The latest national Home Value Index (HVI) from CoreLogic indicates a 0.6 per cent rise in November, marking the smallest monthly gain since the current growth cycle began in February 2023.
During the September quarter of 2023, the collective value of residential dwellings experienced growth across all states and territories, the ABS said.
The total number of residential dwellings in Australia increased by 52,300, reaching a total of 11,094,500.
Meanwhile, the average price of residential dwellings rose by $19,200 to $925,400 during this quarter.
In terms of mean prices, NSW retained the highest average at $1,187,200, followed by the ACT at $943,800 and Victoria at $903,600.
Conversely, the lowest mean price persists in the Northern Territory at $525,900.
Owner-occupier lending grows: ABS
Simultaneously, recent data from the Australian Bureau of Statistics (ABS) highlighted a surge in owner-occupier lending, contributing to increased mortgage growth in October.
New owner-occupier loan commitments for housing rose by 5.6 per cent to $17.23 billion in October 2023, up 1.4 per cent from the previous year.
ABS data revealed that the volume of new owner-occupier dwelling commitments in October hit its highest level in a year, with 26,351 new home loans written (in seasonally adjusted terms).
[Related: November property prices hit record highs]
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