Australian Housing Market Surges: Total Value Hits $12.8 Trillion

The total value of residential dwellings in Australia rose by $315.9 billion to $12.8 trillion in the March quarter, representing an 11.9% increase from the previous year.

Regional Growth Highlights

Price growth was strongest in Western Australia, the Northern Territory, and Queensland, according to Dr. Mish Tan, ABS head of finance statistics.

Victoria was the only state or territory to record a decline in mean dwelling price (-0.3% or -$2,400).

Western Australia saw the largest increase (7.2% or $73,700), followed by Queensland (4.6% or $49,800).

Broader Economic Context

In April, Paul Schroder, CEO of AustralianSuper, commented on Australia's housing policies, drawing comparisons between the country's housing stock value and GDP.

"Australia's GDP was A$2.7 trillion and its housing stock A$12.3 trillion at that time, while the US GDP was US$31.4 trillion and its housing stock US$55 trillion."

He argued that Australia's wealth accumulation has been heavily tied to housing price inflation, highlighting a significant structural difference between the Australian and US economies.