Australian Residential Dwelling Values Surge in June 2023

Source: https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/total-value-dwellings/latest-release

Australia’s property market continues to thrive, with the latest data from the Australian Bureau of Statistics (ABS) revealing substantial growth in the June Quarter of 2023.

The total value of residential dwellings in Australia soared by $325.0 billion, reaching an impressive $10,090.6 billion. This marks a significant increase from the previous quarter.

Moreover, the number of residential dwellings increased by 52,200 to a total of 11,055,800, indicating strong demand in the housing sector. The mean price of residential properties also saw a notable rise, with an increase of $25,200, resulting in an average price of $912,700 for residential properties across the country.

Regionally, New South Wales (NSW) and Queensland (QLD) led the way with substantial increases in property values. The mean price of residential dwellings in NSW remains the highest in the country at $1,167,500.

The ABS data underscores the robust Australian property market, characterized by increasing property values and a growing number of residential properties. This reflects the persistent demand for housing and the overall strength of the real estate sector.