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The Value of Australian Housing Soars with NSW Homes Now Over $1 Million - featured image
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The Value of Australian Housing Soars with NSW Homes Now Over $1 Million

The value of Australian homes is soaring as record home buying activity pushes prices higher in a once-in-a-generation housing market boom.

The ABS released their latest stats today for the March quarter of this year... yes I know that's 3 months ago.

They report that the total value of Australian housing over the March quarter increased sharply by 5.7% compared to the previous quarter, to a new record high of $8.29 trillion.

Australian home values have now increased by 13.9% over the past year – the fastest annual rate of growth on record.

March Qtr

All capitals reported increases in home values over the March quarter with NSW the top performer up by 6.4% followed by TAS up 6.3% and ACT up 6.2%.

NSW also reported the highest state average home value over the March quarter at a new record

$1,011,100 – and for the first time now over $1 million.

Although housing affordability is falling as prices surge there remains plenty of upside to price growth through 2021 – for all state markets. And the wealth effect from sharply higher home values will have a positive impact on the recovering Australian economy.

About Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
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