Victoria, NSW lose more than $130b in household property wealth while all other states ‘haven’t seen a downturn at all’

New South Wales and Victoria’s household property wealth has plummeted more than $130 billion in the past three months, as all other states and territories post record average dwelling prices, new data shows.

The analysis by Primara Research, commissioned by homeloanrates.com.au, using Australian Bureau of Statistics data, found NSW and Victoria “shed” $133.6 billion in household property wealth between April and June.

Queensland, Western Australia, South Australia, Tasmania and the Northern Territory, meanwhile, all posted record average dwelling prices – the highest since ABS records began in 2011.

Nationally, the market fell $34 billion in the quarter, the net of two “very different” markets – NSW, Victoria and the ACT, and the rest.

The discrepancy between the two markets is wide, with NSW, Victoria, ACT down 1.78 per cent while the other five jurisdictions are up 2.11 per cent, adding $99.6 billion between them.

Individually, NSW saw the biggest slide, down $89.2 billion in the quarter, or -2.4 per cent.

Victoria was next, down $43.1 billion, or -2.1 per cent, then the ACT, down $1.3 billion or -1.3 per cent.

Leading the states and territories in the green was Western Australia, up an enormous 22.9 per cent over the year to a record $1,123,700 average price.

According to Primara’s analysis, Western Australia’s property wealth is now $205,300 above Victoria’s, as opposed to being $3,700 behind a year ago.

“Queensland, South Australia, Tasmania and the Northern Territory also posted record average prices in the June quarter,” Primara said in a release on Thursday.

At city level, Sydney and Melbourne’s median house prices dropped 4 and 2.9 per cent respectively.

Primara Research head of research and data Peter Drennan said Australia’s property market was currently “two markets moving in opposite directions”. 

“NSW and Victoria are absorbing the bulk of the forecast downturn, while several smaller markets are still setting records in the same quarter,” he said.

Across the board, the forecast slump is expected to cost the average Australian household roughly $120,000 in property wealth.

At a state level, however, using ANZ’s forecast and 2025 ABS household counts, the price shock reaches about $193,000 in NSW and about $127,000 in Victoria, both well above the national figure.

“A national average obscures how uneven this correction is,” Mr Drennan said.

“NSW households are looking at a hit more than 60% larger than the national figure, while several other states haven’t seen a downturn start at all.”

Read related topics:Housing Crisis