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New data from the Australian Bureau of Statistics (ABS) show that the total value of residential dwellings across the nation has increased.
Figures from the December quarter of 2023 indicated a rise in the overall value of residential properties by $196.8 billion, reaching a total of $10,397.1 billion.
The release from ABS also indicated that households account for a significant portion of the nation’s residential property value, totalling $9,988.4 billion.
Additionally, the number of residential dwellings climbed to 11,134,600, up by 52,500 from the previous quarter. The average price of these dwellings likewise rose by $13,400 to settle at $933,800.
New South Wales was in the lead for the highest mean dwelling price at $1,184,500. This was closely followed by the Australian Capital Territory, where the average price stood at $948,500, and Victoria, where properties averaged $895,000.
On the other end of the spectrum, the Northern Territory held the position for the most affordable average property prices at $489,200.
Earlier this month, ABS reported that January saw a 1% drop in the total number of dwelling approvals. There was a 9.9% decrease in approvals for private houses, while approvals for private sector dwellings excluding houses went up 19.5%.
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