The rising value of Australia’s housing stock has slowed, as property prices fall in some parts of the country.
Australian Bureau of Statistics (ABS) data shows the total value of Australia’s 11.3 million residential dwellings rose by $26.4 billion, or 0.2 percent, to $11 trillion in the December quarter of 2024.
ABS Head of Finance Statistics Mish Tan said the relatively flat growth for the December quarter was the result of net additions to stock offsetting a slight fall in property prices.
Dr Tan said, annually, growth slowed to 4.4 percent from 8.1 percent in the December quarter of 2023.
She said quarterly growth in the value of dwellings varied across states.
“Queensland and Western Australia rose 1.8 percent, and South Australia rose 2.4 percent while New South Wales and Victoria fell 0.4 and 1.1 percent respectively.
“Consistent with results across 2024, growth in the value of dwellings by state continues to diverge, reflecting a variation in local market conditions.”
