Australian residential property value hits $11 trillion as housing crisis deepens

The total value of residential dwellings in Australia has exceeded $11 trillion for the first time, according to new data from the Australian Bureau of Statistics (ABS).

The housing market recorded a $156.3 billion increase in the September quarter of 2024, reaching $11,093.8 billion.

New South Wales maintained its position as the most expensive state for residential property, with a mean dwelling price of $1,233,600.

Property values rose across New South Wales (0.9 per cent), Queensland (2.9 per cent), South Australia (4.1 per cent) and Western Australia (5 per cent).

The national mean dwelling price increased by $9,300 to $985,900.

“These figures speak to the dire shortage of affordable housing, particularly for renters and first-time buyers,” PennyGranny Founder and CEO Michael Doubinski said.

The company reported growing demand for its portable housing solutions since launching in 2021.

“We have sold or hired over 300 portable homes. We are receiving more calls month on month, largely due to the scarcity and cost of homes to rent or buy,” Mr Doubinski said.

Queensland emerged as the third most expensive state for housing, with a mean price of $915,700, while the Northern Territory recorded the lowest at $531,100.

PennyGranny customer Wendy Phillips turned to portable housing after struggling to find affordable accommodation for her mother.

“Rents on the Gold Coast have soared to $500 to $600 a week for a tacky one-bedroom unit and at least 30 people are looking at each place available, so renting on the age pension was simply not an option,” Ms Phillips said.

The company planned to expand operations into Far North Queensland by the end of 2025 to meet increasing demand.

The total number of residential dwellings across Australia increased by 53,100 to 11,252,600 during the quarter.