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.

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.

from Property UpdateProperty Update https://propertyupdate.com.au/the-value-of-australian-housing-soars-with-nsw-homes-now-over-1-million/