The combined value of Australian homes rose by another half-billion dollars over the September quarter, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total value of Australia’s 10.7 million homes rose by $487 billion to $9,259.2 billion in the September quarter 2021.
The mean price of is now $863,700, up from $821,700 in the June quarter 2021.
Head of Prices Statistics at the ABS Michelle Marquardt said that the value of Australia’s dwelling stock has risen by nearly $1 trillion in the past six months.
“By comparison, the previous increase of just over $1 trillion took 15 months, rising from $7.2 trillion in the December quarter 2019 to $8.4 trillion in the March quarter 2021″, she added.
NSW accounted for 40%, or $3.7 trillion, of Australia’s total value of dwellings. The average price of residential dwellings in NSW rose to a record level of $1.1 million.
Residential property prices rose 5.0% in the September quarter 2021. House prices rose 5.7%, while attached dwelling prices rose 3.1%.
Annually, prices rose 21.7%, the strongest annual growth since the Residential Property Price Index series commenced in the September quarter 2003. Annual growth in house prices (up 25.4%) continued to outpace those of attached dwellings (12.4%).
All capital cities recorded rises in residential property prices in the 12 months to the September quarter 2021, with growth rates either setting new records or reaching levels not seen in many years:
– Hobart (up 25.7%), Sydney (25.4%) and Canberra (25.2%) each had their largest annual rise since the series commenced;
– Perth (up 15.7%) had the largest annual rise since the March quarter 2007;
– Brisbane (up 19.7%) and Adelaide (19.0%) each had their largest annual rise since the March quarter 2008;
– Darwin (up 13.7%) had the largest annual rise since the March quarter 2010; and
– Melbourne (+19.5%) had the largest annual rise since the June quarter 2010.
“The September quarter results were consistent with housing market conditions,” Marquardt said, adding that continued solid growth in residential property prices was supported by record-low interest rates, strong demand and low levels of stock on the market.
