The total value of 10.8 million Australian residential homes has broken the $10 trillion (US$6.95 trillion) mark for the first time in the March quarter.
In addition, ABS head of prices statistics Michelle Marquardt confirmed that Australian home values surged by $1.8 trillion in the 12 months to March.
Separately, the Australian median residential house price rose to $941,900 from $925,300 in the December quarter of 2021.
Sydney had the highest median house price at $1,245,000, while Perth’s price was the lowest among the capital cities, standing at $550,000.
It is noteworthy that during the past 12 months, Brisbane experienced the most significant growth in median house prices at 29.3 percent, while Canberra was close behind with an increase of 28.3 percent.
According to Andrew Tomadini–the head of Macroeconomic statistics at the ABS, furniture and household equipment saw the most considerable growth in spending at 14.9 percent, followed by hotels, cafes and restaurants at 14.3 percent, and transport at 12.4 per cent.
“Spending on recreation, hospitality and retail continued to rise, while spending on health was the only category to decrease in April 2022.”
While all states and territories recorded a rise in household spending, Queensland’s growth was the most impressive, standing at 11.4 percent.
Furthermore, the total household spending was nine percent higher than the pre-COVID-19 level, with clothing and footwear (up 25.9 percent), alcoholic beverages and tobacco (up 21.6 percent), and health (up 14.5 percent) among the top spending categories.