The value of Australia’s residential housing market is nudging ever closer to $11 trillion.

The combined value of Australia’s 11,176,100 residential dwellings increased by $209.4 billion in the first quarter of 2024 to reach $10.72 trillion. The ABS figures show that Australians continue to park their money in property with the value of residential housing worth substantially more than the total value of Australia’s superannuation funds and share market.

The average price of residential dwellings rose by $14,300 to $959,300 in the March quarter, with the total value of residential dwellings rising in all states and territories. According to PropTrack data buyer demand is still strong and is absorbing any increase in listings and driving up prices.

Senior economist Eleanor Creagh says even though borrowing capacity has dropped as a result of higher interest rates buyers are confidently purchasing as they believe there is further price growth ahead. “Ongoing home price rises are likely incentivising many to overcome affordability challenges and transact with the expectation of continued growth,” she says.