Insights into Australia's Residential Property Market

Australia's residential property market continues to witness notable growth, with significant increases in the total value, number, and mean price of dwellings during the latest quarter. Let's explore the key statistics and gain insights into the evolving landscape of residential real estate across the nation.

Key Statistics:

• The total value of residential dwellings in Australia experienced a substantial rise, soaring by $196.8 billion to reach $10,397.1 billion in the December quarter of 2023.
• Concurrently, the number of residential dwellings saw an uptick, with an increase of 52,500 properties, totaling 11,134,600 dwellings during the same period.
• Furthermore, the mean price of residential dwellings surged by $13,400, reaching $933,800 in the December quarter of 2023.

Total Value of Dwelling Stock:

The preliminary estimate of Australia's total value of residential dwellings in the December quarter of 2023 stood at $10,397.1 billion, marking a notable increase of $196.8 billion compared to the preceding quarter. Of this total, households owned $9,988.4 billion worth of residential dwellings.

During the December quarter of 2023, the total value of residential dwellings witnessed growth across all states and territories, underscoring the nationwide momentum in the property market.

Mean Dwelling Price Across States and Territories:

The mean price of residential dwellings varied across states and territories, with New South Wales (NSW) recording the highest mean price at $1,184,500. Following closely behind are the Australian Capital Territory (ACT) at $948,500 and Victoria at $895,000. In contrast, the Northern Territory reported the lowest mean price at $489,200.

Revisions and Changes:

It's essential to note that all estimates for the current quarter are preliminary, with revisions typically applied to estimates for the second and third most recent quarters. Revisions are standard practice in these series and contribute to the accuracy and reliability of the data presented.

As Australia's residential property market continues to evolve, monitoring key indicators such as total dwelling value, property numbers, and mean prices provides valuable insights for stakeholders, policymakers, and investors alike. These insights inform strategic decisions and contribute to a deeper understanding of the dynamics shaping the real estate landscape across the country.

Source: https://www.abs.gov.au/