The value of Australia’s homes continued to grow through the final months of 2024, according to figures released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total value of Australia’s 11.3 million residential dwellings rose by $26.4 billion or 0.2 per cent to $11.0 trillion in the December quarter 2024.
The mean price of residential dwellings in New South Wales ($1,214,100) remains the highest in the country, followed by the Australian Capital Territory ($956,800). Queensland ($923,600) has the third largest mean price in the country, while the lowest remains in the Northern Territory ($500,900).
ABS head of finance statistics Dr Mish Tan said the relatively flat growth for the December quarter was the result of net additions to stock offsetting a slight fall in property prices.
“Annually, growth slowed to 4.4 per cent from 8.1 per cent in December quarter 2023”, Dr Tan noted.
Quarterly growth in the value of dwellings varied across states. Queensland and Western Australia lifted 1.8 per cent, and South Australia rose 2.4 per cent while values in New South Wales and Victoria fell 0.4 and 1.1 per cent respectively.
“Consistent with results across 2024, growth in the value of dwellings by state continues to diverge, reflecting a variation in local market conditions”, Tan said.
The total value of homes in the December quarter 2024 was $11,032.2 billion, up $26.4 billion from $11,005.8 billion in the September quarter 2024.
The number of residential dwellings in Australia rose by 53,200 to 11,294,300, and the mean price of residential dwellings fell by $2,300 to $976,800, this quarter.