Australia's 9.8 million residential properties are now worth $6.2 trillion

Photo: Timothy A. Clary/ AFP/ Getty Images

Australia now has 9.755 million residential dwellings that are worth $6.16 trillion, according to the ABS’ estimates.

That’s its estimates, for clarification purposes. Given the ongoing debate about housing affordability in Australia, particularly in the eastern states, it’s clear that not everyone agrees with its current “valuation”.

It’s residential property price index rose by 1.5% in the September quarter, led by price increases of 2.6%, 2.3% and and 1.7% in Sydney, Hobart and Melbourne.

Price in Adelaide, Canberra and Brisbane rose by 0.9%, 0.8% and 0.2% respectively over the same period, offsetting declines of 1.6% and 1.2% in Australia’s mining capitals, Perth and Darwin.

In the year to September, prices nationally increased by 3.5%, the weakest growth since the March quarter 2013 and well below the 10.7% gain seen in the year to September 2015.

The ABS uses a weighted average for the index, meaning that price developments in Sydney and Melbourne — Australia’s largest housing markets — are influential on the national figure.

The annual national growth rate reported by the ABS is also well below the levels reported in the separate hedonic house price index released by CoreLogic which had capital city house prices in weighted terms up close to 10% over the same period.

Based off the outstanding balance of housing loans in September released by the RBA — some $1.604 trillion — Australia’s national loan-to-valuation ratio, or LVR, now stands at 26%.

A very low, and to some safe figure, but one that is based of limited market turnover and stock that is already owned outright.

Based off the ABS’ calculations, the average residential dwelling price now stands at $631,000, the highest level on record.

Prices in New South Wales are the most expensive in the country averaging $822,100, higher than Victoria and the ACT at second and third respectively at $651,600 and $628,300.

This chart has the average price for each state and territory based off the ABS’ estimates.

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