For the third time in the past five years, Australia’s total dwellings value has surpassed $10 trillion.
The Australian Bureau of Statistics’ latest dwellings value data for the quarter ending June 2023 has shown that the total value has increased by $325 billion, to $10.09 trillion, up from $9.765 trillion in the March quarter.
Previously, the total dwelling values exceeded $10 trillion in March 2022 when it hit $10.1 trillion and in June 2022 when it was recorded at $10.03 trillion.
Households accounted for $9.64 trillion of the $10-trillion total value.
The number of dwellings increased by 52,200 over the June 2023 quarter to a total of 11,055,800 across the country.
Australia-wide, the mean price for a house increased by $25,200 to $912,700 over the June 2023 quarter.
The mean price was highest in New South Wales at $1.167 million with the Australian Capital Territory a close second at $947,000 and Victoria recording an average $904,800 house value.
Northern Territory was last on the list with the lowest mean price at $512,000.
Total value of dwelling stock
| Quarter | Total value of dwelling stock ($ billion) |
| Jun-18 | 6,921 |
| Sep-18 | 6,860.1 |
| Dec-18 | 6,789 |
| Mar-19 | 6,656 |
| Jun-19 | 6,720.5 |
| Sep-19 | 6,951.4 |
| Dec-19 | 7,170.8 |
| Mar-20 | 7,278.1 |
| Jun-20 | 7,251.1 |
| Sep-20 | 7,469.6 |
| Dec-20 | 7,848.9 |
| Mar-21 | 8,302.3 |
| Jun-21 | 8,726 |
| Sep-21 | 9,325.8 |
| Dec-21 | 9,914.2 |
| Mar-22 | 10,094.1 |
| Jun-22 | 10,028.7 |
| Sep-22 | 9,730 |
| Dec-22 | 9,773.3 |
| Mar-23 | 9,765.6 |
| Jun-23 | 10,090.6 |
Source: Total Value of Dwellings, June Quarter 2023, Australian Bureau of Statistics
Dwelling values as collated by the ABS fell below the $10-trillion mark in the September 2022 quarter, staying relatively steady throughout the December 2022 and March 2023 quarters.
While dwelling values have increased, the housing crisis is ongoing.
A new agreement to pass the federal government’s Housing Australia Future Fund bill in Parliament this fortnight is expected to deliver $3 billion in upfront spending on public and community housing with a $10-billion investment vehicle expected to provide ongoing funding for social housing.
