Australian homes rose to a whopping $10.2 trillion in total value for the first time ever in the March quarter, according to the Australian Bureau of Statistics.
NSW accounted for 40.1 per cent of the overall amount — or $4.1 trillion, followed by Victoria with 26.9 per cent ($2.7 trillion) and Queensland with 16.7 per cent ($1.7 trillion).
In comparison, the nation’s 10.8 million homes were worth a combined $8.4 trillion in the March 2021 quarter — an incredible $1.8 trillion jump in a year.
To put the values in perspective, the federal government is planning to spend a comparatively paltry $1.16bn on Australia’s space program in 2038-39.
The state government’s West Gate Tunnel Project will cost around $10bn and Melbourne’s most expensive house, Malvern’s Stonington Mansion, cost $52.5m in 2018.
The ABS data shows Melbourne’s soaring median house price helped the nation reach its new high, rising 9.4 per cent to $930,000 between 2021 and 2022’s March quarters.
Regional Victoria’s median house price increased 17.4 per cent to $640,000.
The median price for Melbourne apartments and units fell 0.2 per cent to $631,000.
However, the median price of units and apartments in the state’s regions grew 8.2 per cent to reach $530,000.
REA group economic research manager Cameron Kusher said the company’s research put Melbourne’s median house price even higher at $960,000 this month, hinting the nations $10.2 trillion property market could already be worth more.
Mr Kusher flagged the figure could change monthly depending on the total number of market transactions and big-ticket sales.
“We’re not seeing as many sales at the moment and we are seeing demand pull back a bit after the interest rate rises,” Mr Kusher said.
“We would expect that’s going to soften demand and lead to price falls.”
Mr Kusher said house buyers could expect less competition in the near future and also for some vendors to be “a bit more flexible on price if there aren’t as many buyers around”.
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