INDUSTRY NEWSNationalNEWS

Australian residential property value nears $10 trillion

The total value of Australia’s 10.8 million residential properties has increased at record pace to nearly $10 trillion ($9901.6 billion) according to new data.

The latest figures from the Australian Bureau of Statistics (ABS), show property values increased $512.6 billion in the December quarter and $2015.1 billion over the past 12 months, the biggest climb since records began in 2003.

Annual growth came in at 23.7 per cent nationally last year, with Hobart up 29.8 per cent, Canberra 28.8 per cent, Brisbane 27.8 per cent, Sydney 26.7 per cent, and Adelaide at 23.9 per cent.

Melbourne property values increased 20 per cent, while Perth rose 15.7 per cent and Darwin 13 per cent.

ABS Head of Prices Statistics Michelle Marquardt said last year saw strong demand for freestanding homes.

“House price growth continues to outpace price growth for attached dwellings,” Ms Marquardt said.

“House prices rose 27.5 per cent through the year, while prices of attached dwellings rose 14 per cent.”

In the December quarter 2021, residential property prices rose 4.7 per cent. The strongest quarterly price growth was recorded in Brisbane at 9.6 per cent, followed by Adelaide at 6.8 per cent, Hobart at 6.5 per cent and Canberra at 6.4 per cent.

“Results were consistent with a range of housing market indicators,” Ms Marquardt said.

“New lending commitments for housing rose to a record high value in the December quarter 2021.

“Days on market fell and sales transaction volumes increased. Record low interest rates and strong demand have continued to support growth in property prices.”

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.