The total value of Australia’s homes fell in the June quarter, though not in all states, according to data released this week by the Australian Bureau of Statistics.
The latest figures show that the total value of residential dwellings in Australia in the June quarter 2022 was $9,983.4 billion, down $162.4 billion from $10,145.8 billion in the March quarter 2022.
This is the first quarterly fall in the total since the same time in 2020.
Falls were recorded in NSW, Victoria, Tasmania and the Australian Capital Territory.
Given that New South Wales accounts for almost two-fifths of the total value of homes in Australia, it is unsurprising that falls there impacted the national figures. The value of residential dwellings in NSW this quarter was $3,939.8 billion, approximately 39.5% of the total value of dwellings in Australia.
The mean price of residential dwellings in NSW fell by $46,400 to $1,177,700 during the June quarter 2022 yet remains the highest in the country.
The second highest mean price was in the Australian Capital Territory ($991,500), followed by Victoria ($938,900). Elsewhere, Queensland went to $782,300, Tasmania $685,000, South Australia $669,500, WA $640,700 and the Northern Territory $542,100. The lowest mean price ($542,100) was in the Northern Territory.
The number of residential dwellings rose by 45,200 to 10,833,700, and the mean price fell $18,900 to $921,500, this quarter.
