The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
GovernmentMarisa WikramanayakeTue 12 Sep 23

House Values Hit More Than $10 Trillion for Third Time

Dwelling values have hit more than $10 trillion for the third time in the last two years according to the ABS.

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

QuarterTotal value of dwelling stock ($ billion)
Jun-186,921
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-2210,094.1
Jun-22
10,028.7
Sep-229,730
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. 

ResidentialAustraliaReal EstateSector
AUTHOR
Marisa Wikramanayake
The Urban Developer
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/house-values-abs-june-2023-quarter-more-than-10-trillion