Australia’s residential dwelling values increased over the first quarter of the year, bouncing from the decline in the last quarter of 2022.
According to Australian Bureau of Statistics’ latest data, the total value of residential dwellings in the country rose by $140.0bn to $9.87tn over the March quarter 2023.
Overall, the mean price of residential dwellings rose by $8,500 to $896,000 this quarter.
Of the total value of residential dwellings, $9.49tn worth of properties were owned by households.
During the period, the number of residential dwellings rose by 52,000 to 11,020,300.
The total value of residential dwellings rose in all states and territories except Tasmania, Northern Territory, and the Australian Capital Territory.
New South Wales recorded the highest average price of residential dwellings at $1.15m, followed by the ACT at $951,800, and Victoria ($898,300).
The lowest average price, on the other hand, was in Northern Territory at $502,100.
PropTrack senior economist Eleanor Creagh said the softness in new listing volumes and tight supply has offset the weaker-than-peak-levels buyer demand.
“This led to a pickup in competition among potential buyers that has buoyed values,” she said.
“Positive demand drivers offsetting the downwards pressure include the strong rebound in immigration, tight rental markets and slowly increasing wages growth. The sustained softness in new listing volumes is also keeping a floor under prices.”
Photo by Luis Echeverri Urrea on Canva.