The total value of Australia’s residential dwellings experienced substantial growth in the December quarter, according to the Australian Bureau of Statistics. Rising by $384.8 billion, or 3.2 per cent, the total value reached a record $12.3 trillion. This marks a significant milestone, surpassing $12 trillion for the first time since September 2022, after 13 uninterrupted quarters of growth.
The primary driver of this growth was the increase in property prices across the nation. The national mean dwelling price rose by 2.7 per cent to $1.07 million. This widespread increase reflects a strong demand and positive sentiment in the Australian housing market.
All states and territories saw an increase in the mean price of residential dwellings during the quarter. Western Australia led the way with the most significant growth, recording a 7.5 per cent increase, or $70,500. Queensland followed with a 4.8 per cent increase ($48,800) and South Australia with a 4.5 per cent increase ($40,800).
Dr Mish Tan, head of finance statistics at the ABS, noted the exceptional performance of Western Australia, where dwelling prices have risen faster than any other state or territory. Since the December quarter of 2024, prices have surged by 16.8 per cent, reaching $1.01 million. “This quarter, Western Australia became the third state after NSW and Queensland to have a mean dwelling price of over $1 million”, Dr Tan said.
