According to the latest Australian Bureau of Statistics (ABS) estimates, the entire value of Australia’s inflated property market has topped $9 trillion, capping an unparalleled year of supercharged price increase both locally and globally. Additionally, the value of the country’s 10.7 million residential dwellings increased by $487 billion in the third quarter. This quarter, the average price of a residential property in Australia increased once more. The value of Australia’s home stock has increased by about $1 trillion in the last six months, according to Michelle Marquardt, head of pricing data at the ABS. According to Marquardt, the last gain of little over $1 trillion took 15 months, climbing from $7.2 trillion in the December quarter of last year to $8.4 trillion in the March quarter of this year.
NSW contributed for $3.7 trillion in total residential value, or 40% of the country’s total. The average price of a home in New South Wales has risen to a new high of $1.1 million. It presently stands at $863,700, up from $821,700 in the June quarter of 2021. Over the past 12 months, residential property prices in Australia’s big cities have risen across the board. The September quarter results were consistent with housing market circumstances. Marquardt blamed record low interest rates, high demand, and low amounts of stock on the market as reasons for on-going healthy growth in residential property prices.
The findings come after a year of extraordinary price increases in Australia’s real estate sector. Residential property prices in Australia have risen 21.7 per cent in the last year, accelerating the widening gap between salaries and property prices. While incomes have climbed by 81.7 per cent in the last 20 years, Australian property values have increased by almost 193 per cent, according to a CoreLogic report released in November. In New Zealand, Brazil, Germany, Korea, and Turkey, shortages and strong demand pushed inflation higher.
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