The value of Australian real estate has hit a record high $10.2 trillion dollars, new Australian Bureau of Statistics (ABS) data shows.
The total value of the nation’s residential property increased $221.2 billion in the March 2022 quarter.
Head of Prices Statistics at the ABS, Michelle Marquardt said it was the first time the value of all residential dwellings had reached $10 trillion.
“The total value of residential dwellings rose $1.8 trillion in the 12 months to the March quarter 2022 from $8.4 trillion in the March quarter 2021,” Ms Marquardt said.
The majority of the value is tied up in residential real estate across NSW, which makes up 40.1 per cent, or $4.1 trillion, of Australia’s total value of dwellings, followed by Victoria with 26.9 per cent ($2.7 trillion) and Queensland with 16.7 per cent ($1.7 trillion).
“Over the past year, growth in median prices in regional NSW and Victoria has outpaced growth in their capital cities for both houses and attached dwellings,” Ms Marquardt said.
The median house price in Sydney rose 16.4 per cent to $1,245,000, over the 12 months to the March quarter, while Melbourne experienced a 9.4 per cent rise to $930,000.
Meanwhile, in regional NSW, the median house price increased 29.1 per cent to $800,300, and the Victorian regions saw a rise of 17.4 per cent to $640,000.
Regional Tasmania saw the biggest annual increase, with the average dwelling values rising 30 per cent to $520,000.
Brisbane saw a significant rise in values, with dwelling prices reaching $787,500, a 29.3 per cent jump over the 12-month period. Canberra also saw a 28.3 per cent increase, with the average detached dwelling reaching $1,065,000.
The mean price of residential dwellings in Australia was $941,900, up from $925,300 in the December quarter 2021.