homeloanrates.com.au<\/a>, using Australian Bureau of Statistics data, found NSW and Victoria “shed” $133.6 billion in household property wealth between April and June.<\/p>\nQueensland, Western Australia, South Australia, Tasmania and the Northern Territory, meanwhile, all posted record average dwelling prices – the highest since ABS records began in 2011.<\/p>\n
Nationally, the market fell $34 billion in the quarter, the net of two “very different” markets – NSW, Victoria and the ACT, and the rest.<\/p>\n
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.<\/p>\n
Individually, NSW saw the biggest slide, down $89.2 billion in the quarter, or -2.4 per cent.<\/p>\n
Victoria was next, down $43.1 billion, or -2.1 per cent, then the ACT, down $1.3 billion or -1.3 per cent.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“Queensland, South Australia, Tasmania and the Northern Territory also posted record average prices in the June quarter,” Primara said in a release on Thursday.<\/p>\n
At city level, Sydney and Melbourne’s median house prices dropped 4 and 2.9 per cent respectively.<\/p>\n<\/p>\n
Primara Research head of research and data Peter Drennan said Australia’s property market was currently “two markets moving in opposite directions”.\u00a0<\/p>\n
“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.<\/p>\n
Across the board, the forecast slump is expected to cost the average Australian household roughly $120,000 in property wealth.<\/p>\n
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.<\/p>\n
“A national average obscures how uneven this correction is,” Mr Drennan said.<\/p>\n
“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.”<\/p>\n
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