But growth in total property value slows
The total value of Australia’s 11.3 million residential properties increased by $26.4 billion, or 0.2%, reaching $11 trillion in the December 2024 quarter, according to the latest data from the Australian Bureau of Statistics (ABS).
Mish Tan, ABS head of finance statistics, said the modest quarterly growth was due to new housing stock offsetting a slight decline in property prices.
“The relatively flat growth for the December quarter was the result of net additions to stock offsetting a slight fall in property prices. Annually, growth slowed to 4.4% from 8.1% in December quarter 2023,” 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 Mish Tan, ABS head of finance statistics
— Australian Bureau of Statistics (@ABSStats) March 11, 2025
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Property values varied by state. Queensland and Western Australia recorded the highest increases at 1.8%, followed by South Australia at 2.4%. In contrast, values fell in New South Wales and Victoria, declining by 0.4% and 1.1%, respectively.
“Consistent with results across 2024, growth in the value of dwellings by state continues to diverge, reflecting a variation in local market conditions,” Tan said.
ABS dwelling approval data for January showed a 6.3% rise in total approvals, reaching 16,579. Approvals for private dwellings excluding houses saw the largest increase, rising 12.7% to the highest level since December 2022. Private sector house approvals also edged up by 1.1%.
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