The total value of Australia's 11.3 million residential dwellings rose by $26.4 billion or 0.2 per cent to $11.0 trillion in the December quarter 2024, according to figures released today by the Australian Bureau of Statistics (ABS).
Dr Mish Tan, ABS head of finance statistics, said, "The relatively flat growth for the December quarter was the result of net additions to stock offsetting a slight fall in property prices. Annually, growth slowed to 4.4 per cent from 8.1 per cent in December quarter 2023."
| Total value of dwelling stock ($b) | |
|---|---|
| Dec-19 | 7,170.8 |
| Mar-20 | 7,278.1 |
| Jun-20 | 7,251.1 |
| Sep-20 | 7,469.6 |
| Dec-20 | 7,848.9 |
| Mar-21 | 8,302.3 |
| Jun-21 | 8,726 |
| Sep-21 | 9,325.8 |
| Dec-21 | 9,914.2 |
| Mar-22 | 10,094.1 |
| Jun-22 | 10,028.7 |
| Sep-22 | 9,730 |
| Dec-22 | 9,773.3 |
| Mar-23 | 9,803.4 |
| Jun-23 | 10,101.6 |
| Sep-23 | 10,252.7 |
| Dec-23 | 10,563.9 |
| Mar-24 | 10,736.1 |
| Jun-24 | 11,000.3 |
| Sep-24 | 11,005.8 |
| Dec-24 | 11,032.2 |
Quarterly growth in the value of dwellings varied across states. Queensland and Western Australia rose 1.8 per cent, and South Australia rose 2.4 per cent while 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." said Dr Tan.
