The value of Australia’s homes rose by another $156.3 billion in the September quarter, according to data released this week by the Australian Bureau of Statistics.
The figures show that the total value of residential dwellings in Australia in the September quarter 2024 was $11,093.8 billion, up $156.3 billion from $10,937.6 billion in the June quarter 2024.
This is the first time that the total value has surpassed $11 trillion.
Of the total value of residential dwellings, $10,657.1 billion worth was owned by households.
The September quarter 2024 saw mixed results across the states and territories, with the total value of residential dwellings rising in New South Wales (up 0.9%), Queensland (2.9%), South Australia (4.1%) and Western Australia (5.0%) but falling in Victoria (down 0.6%), Tasmania (-0.2%), Northern Territory (-0.4%) and in the Australian Capital Territory (-0.2%).
The number of residential dwellings in Australia rose by 53,100 to 11,252,600, and the mean price of residential dwellings rose by $9,300 to $985,900, this quarter.
The mean price of residential dwellings in New South Wales ($1,233,600) remains the highest in the country, followed by the Australian Capital Territory ($951,800). Queensland ($915,700) now has the third largest mean price in the country, while the lowest mean price remains in the Northern Territory ($531,100).
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