The value of Australia’s homes has dropped over the year, but it is a patchy result, according to data released this week by the Australian Bureau of Statistics.
The new figures show that the total value of residential dwellings in Australia in the September quarter 2022 was $9,674.4 billion, down $358.9 billion from the previous period. This is the largest quarterly fall since 2011, when the series commenced.
In the September quarter 2022, the total value of dwellings fell in all states and territories except the Northern Territory. The result was driven by NSW, Queensland, and Victoria.
The number of homes rose by 45,300 to 10,872,900, while the mean price fell $36,800 to $889,800.
The mean price of homes in NSW fell by $62,300 to $1,125,600 but remains the highest in the country. The second highest mean price was in the Australian Capital Territory ($956,400), followed by Victoria ($912,100), while the lowest ($500,100) was in the Northern Territory.
