Value of Australia's Residential Dwellings Falls in June Quarter

MT Newswires Live

09/08

The total value of Australia's residential dwellings fell AU$34.1 billion to AU$12.689 trillion in the June quarter, according to figures released by the Australian Bureau of Statistics (ABS) on Tuesday.

The value of dwelling stock was down for the first time since the September 2022 quarter due to lower property prices, consistent with recent softening in housing market conditions, said Dr Mish Tan, ABS head of finance statistics.

The mean price of residential dwellings fell by AU$8,200 to AU$1.1 million this quarter.

The mean price of dwellings fell in New South Wales, Victoria and the Australian Capital Territory and rose in all other states and territories.

Meanwhile, the number of residential dwellings rose by 54,400 in June to 11.5 million.

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