ABS preliminary estimates showed the combined value of Australia’s dwelling stock rose by another $209.4 billion to reach $10.72 trillion over the March quarter. 

Owner-occupiers led the quarterly increase in the housing stock worth, accounting for $10.30 trillion of the total values. 

This was the fourth consecutive quarter and the sixth time overall that the total value of homes across the country breached the $10 trillion threshold. 

By comparison, ABS’ latest quarterly figures outpaced CoreLogic's estimates showing that Australia’s residential property market was worth $10.3 trillion at the end of March. 

The statistician’s data on the total value of dwellings, however, is more in line with CoreLogic’s May estimate of $10.7 trillion.

Australia’s average price of homes on track to hit $1 million 

The average price of residential dwellings across the country stands at $959,300 in the three months ending March. 

This was up by $14,300 from the revised $945,000 in the quarter prior. 

A total of 52,700 homes were recorded as completed by the ABS, thereby putting the total housing stock at 11.18 million. 

VIC property market heads into a downturn 

Victoria’s property market is turning bleaker by the minute, with the average dwelling value in the state falling 0.17% on a quarterly basis. 

March quarter ABS data showed the total value of residential dwellings rose in all states and territories except VIC. 

Despite being the third-most expensive state, the mean home value in VIC fell to $914,300, down from $915,900 (revised) in the previous quarter. 

This decline continues the noted trend in VIC’s property market where its average home price is tracking lower due to above-average stock. 

For instance, Melbourne’s preliminary auction clearance rates throughout March had held below the 70% mark, indicating an oversupply of properties amid weak buyer demand. 

Supply outstripping demand in VIC has dragged on until recently, with CoreLogic noting significantly higher total listings on 31 May compared to the same period last year. 

“There has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” CoreLogic head of research Eliza Owen said. 

“Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth.”

Meanwhile, the fourth-most expensive state Queensland posted better results in average home value growth, up 3.04% from the previous quarter, according to ABS data. 

The mean price of residential homes in QLD was $853,900 in the March quarter, up from $828,700. 

Queensland consistently posts solid capital gains as demonstrated by the recent news of its capital Brisbane surpassing Canberra to become the second-most expensive property market in Australia. 

Meanwhile, Western Australia recorded the strongest quarterly gain, up 5.36% to $770,500, likewise suggesting continued growth of the state’s real estate market.

The mean price of homes in NSW remains the highest at $1.212 million (up 0.97%), followed by ACT at $950,500 (up 0.6%).

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