Australia’s housing market continues to defy expectations, with property values soaring across most states, while Victoria bucks the trend with a small dip. The latest data from the Australian Bureau of Statistics (ABS) reveals that the total value of the nation’s residential dwellings reached a staggering $10.91 trillion in the June quarter of 2024. This is a jump of $225.9 billion from the previous quarter, further cementing Australia’s position as one of the most expensive housing markets globally.
New South Wales continues to lead the charge with average residential house prices hitting a new high of $1.22 million, the highest in the country. Western Australia posted the most substantial gains, with a 6.2 per cent increase in the three months leading to June. Queensland and South Australia also saw solid growth, with house prices up by 3.6 per cent and 4.2 per cent, respectively.
In contrast, Victoria saw a slight decline, with house prices slipping by 0.7 per cent, the only state to record a fall. However, the number of residential dwellings in Victoria continues to rise, with the state recording a 9.9 per cent growth over the past year, faster than the national rate of 8.3 per cent.
Despite the mixed results, the mean price of residential dwellings across the country rose by $15,600 to $973,300. The total number of residential dwellings also increased by 52,900, bringing the nationwide tally to 11,211,000.
Housing prices in New South Wales remain the highest, with an average of $1.22 million, followed by the ACT at $953,900 and Victoria at $900,300. Meanwhile, the Northern Territory continues to offer the most affordable housing in the country, with a mean price of $538,000.
Journalist and analyst Tarric Brooker highlighted the irony in the housing market dynamics, noting, “It’s funny that rising housing prices are celebrated, and then politicians complain about ‘a lack of supply’. How many more homes would we build if land wasn’t $340k per block and was instead priced closer to what median household incomes can afford, as in the U.S.?”
As the housing market remains a hot topic, affordability continues to be a point of contention. With average property values in some states now far outstripping income growth, debates around supply, land pricing, and housing policies are expected to intensify in the coming months.
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