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The nation’s homeowners are closing in on $13 trillion worth of wealth.
All we’re hearing about is price falls at the moment, but a data drop today suggests otherwise.
National housing values have been reported as entering a correction phase, where some economists are expecting value falls of 10 per cent or more, even 20 per cent in some areas.
See, interest rates are rising and the budget night reforms announced by the Labor Party are set to send investors running for the hills and prices tumbling.
But the most recent big data drop from the Australian Bureau of Statistics (ABS), suggests this is yet to materialise in property markets just yet.
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The ABS estimated Australia’s residential dwellings rose in total value by a stunning $315.9 billion in the March quarter, or 2.5 per cent, to now sit at $12.77 trillion.
Despite the large-sounding number, the pace of growth had slowed somewhat, according to the ABS head of finance statistics Dr Mish Tan.
The release shows values tracking upwards for the 14th straight quarter. Picture: ABS
“Growth in dwelling values moderated this quarter, following a strong rise in late 2025,” Dr Tan said. “Despite this, the value of Australia’s dwelling stock is 11.9 per cent higher than a year ago, with increases in residential property prices continuing to drive growth.”
The previous quarter saw Australia’s residential dwellings rise in total value by $384.8 billion, or 3.2 per cent, to hit $12.3 trillion.
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At the time, Dr Tan noted that “after 13 quarters of uninterrupted growth since September 2022, the total value of dwellings has surpassed $12 trillion for the first time. December quarter’s growth was driven by rising property prices, as the national mean dwelling price increased 2.7 per cent to $1.07 million.”
This quarter saw all states achieve growth, except Victoria, which saw a 0.3 per cent fall in the mean price of residential dwellings.
Growth has been solid apart from a period when rates began to rise after the Covid boom.
Western Australia had the strongest rise at 7.2 per cent growth, followed by Queensland with 4.6 per cent growth for the quarter.
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“Price growth has been strongest in Western Australia, the Northern Territory and Queensland over the past year. Annual growth for these states is well above New South Wales and Victoria, where increases have been comparatively modest,” Dr Tan said.
The number of residential dwellings rose by 54,200 for the quarter to now sit at 11,495,200.
The mean price of residential dwellings rose by $22,300 to reach $1,111,100.
It comes as wider price fall expectations were tempered by Australian investor Nathan Birch, who warned continued high migration and recent tax reforms could prompt a price surge in affordable markets as buyer competition ramps up.
ABS head of financial statistics Dr Mish Tan.
“It’s supply and demand,” said Mr Birch, who owns 380 investment properties. “We have lots of people who want to buy property and not enough stock. We haven’t even seen the start of it.”