NSW residential dwelling price surpasses $1 million for first time: ABS

The mean price of residential dwellings in NSW rose to $1,011,100, the highest in the country.

NSW residential dwelling price surpasses $1 million for first time: ABS
NSW residential dwelling price surpasses $1 million for first time: ABS

The mean price of NSW's residential dwellings now sits at $1,011,100, in the first quarter where the ABS calculated mean price of dwellings in any state or territory has risen above $1 million.

The second highest mean price in the country was in Victoria at $834,600, followed by the Australian Capital Territory at $809,600. 

The lowest mean price was in the Northern Territory $480,400.

The latest capital city residential property price increases saw Sydney up 6.1% along with Hobart up 6.1%.

This was the largest quarterly rise in the rise for Sydney since the June quarter 2015.

The ABS noted price rises were observed across all segments of the Sydney market, with price growth most evident in the upper market segments. 

Melbourne was up 5.1% in the March quarter, which was the largest quarterly rise since the December quarter 2019. 

Elsewhere Perth was up 5.2%, Brisbane (+4.0%), Adelaide (+4.0%), Canberra (+5.6%) and Darwin (+4.7%). 

Over the last twelve months the biggest jump was in Canberra (+10.9%), followed by Hobart (+10.2%), Perth (+9%), Sydney (+8%), Brisbane (+7.5%), Adelaide (+7.5%), Darwin (+6.4%), and Melbourne (+5.9%). 

The figures saw the weighted average residential property price Index rise 5.4% in the March quarter across the eight capital cities, up 7.5% over the last twelve months.

The total value of residential dwellings in Australia rose $449.9b to $8,293.2b.

The ABS advised the mean price of residential dwellings was up $39,100 to $779,000 based on the number of residential dwellings at 10,645,400.

The value of residential dwellings in NSW sits at $3,330 billion, with NSW accounting for 40 per cent of the total value of dwellings in Australia. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Sydney Apartments

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