Australia’s residential property market added $213.8 billion in the June quarter, lifting the total value of the nation’s housing stock by 1.9 per cent to $11.6 trillion, according to the Australian Bureau of Statistics.
Dr 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 rises 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 ABS said the mean price of dwellings rose 1.4 per cent in the quarter, with new record highs in New South Wales, Queensland, South Australia and Western Australia. “The mean price of dwellings rose 1.4 per cent, reaching record highs in New South Wales, Queensland, South Australia and Western Australia‘, Dr Tan said.
Quarterly increases in average prices were led by Western Australia (up 2.3 per cent) and Queensland (2.2 per cent), with New South Wales, Victoria and South Australia each up 1.1 per cent.
By level, the mean dwelling price in June was $1.256 million in New South Wales, $909,100 in Victoria, $977,300 in Queensland, $854,400 in South Australia, $897,500 in Western Australia, $670,900 in Tasmania, $523,400 in the Northern Territory and $949,400 in the ACT.
The value and price of residential dwellings include the land component. The ABS noted estimates for the current quarter are preliminary and the two most recent quarters are subject to revision.
Source: Australian Bureau of Statistics (ABS). Further details are available on the ABS website.
