House Values Hit More Than $10 Trillion for Third Time

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

_{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.