PHOTO: Australian residential property
The total value of residential dwellings in Australia now exceeds $8 trillion, according to the Australian Bureau of Statistics (ABS).
The ABS found the total value of Australia’s 10.6 million residential dwellings rose by $449.9 billion to $8,293.2 billion in the March quarter 2021.
This was the largest rise on record for the ongoing study, which looked into the value of 10.6 million residential dwellings.
The mean price of residential dwellings in Australia was $779,000 up from $739,900 in the December quarter 2020.
The ABS Head of Prices Statistics Michelle Marquardt said the total value of residential dwellings in Australia had now surpassed $8 trillion for the first time.
New South Wales (NSW) accounted for approximately 40 per cent or $3.3 trillion of Australia’s total value of dwellings. The average price of residential dwellings in NSW rose to $1.01 million.
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