With industry research indicating property values are consistently rising at 0.7% – that’s on track for an annual growth rate of 8.4% – it’s a valuable exercise to validate reported market trends using data from the Australian Bureau of Statistics (ABS).
The total value of residential dwellings in Australia rose $213.8 billion to $11.56 trillion for the second quarter of this year.
This represents a rise of $210 billion compared with the March quarter when the ABS valued the residential property market at $11.35 trillion.
The ABS said the number of residential dwellings rose by 53,600 to 11,373,900 during the 12 weeks to June 30.
The mean price of residential dwellings rose by $14,100 to $1,016,700 this quarter.
In the June quarter, the total value of residential dwellings rose in all states and territories, with growth most evident in Queensland (+2.7%) and Western Australia (+2.7%).
The mean price of residential dwellings in NSW ($1,256,200) remains the highest in the country, followed by Queensland ($977,300) and the Australian Capital Territory (ACT) ($949,400).
The Northern Territory maintains the lowest mean price at $523,400.
The ABS data, which is preliminary, synchronises with industry research from Cotality (formerly CoreLogic) that says prices have been rising 0.7% every month since February.
If the property market continues to see values rise at its current rate, it will achieve an annual growth rate of 8.4%.
With the spring sales season underway, there are already high expectations for strong prices until at least the end of summer.
If you’re considering selling during the next few months, here are nine tips to begin your preparations:
Stage for a summer lifestyle – Create inviting outdoor spaces that look like an extension of the home. Arrange outdoor furniture to define areas for dining or relaxing, add pillows and planters, and make sure the barbecue area is clean and functional.
Optimise lighting – Bright, well-lit spaces appear larger and more inviting. Wash windows inside and out, and make sure all light bulbs are working.
Emphasise energy efficiency – In a hot climate, energy savings are a key selling point. Highlight features that keep the home cool, such as solar power, good insulation, double-glazed windows and a new, energy-efficient air-conditioning system.
Focus on high-ROI renovations – Instead of major overhauls, make small, high-impact changes. Update the kitchen and bathroom with new hardware on cabinets, a fresh coat of paint or a new tapware. This gives a modern feel without the cost of a full renovation.
Create a spa-like bathroom – A clean, refreshed bathroom can add significant perceived value. Replace old tapware, re-grout tiles and add fresh, fluffy towels.
Strategic landscaping – Pressure wash driveways and walkways, add fresh mulch to garden beds and plant colourful, low-maintenance flowers to signal a well-cared-for home.
Room function – Give every room a clear purpose. Stage a sparse room as a home office, a gym or a guest bedroom to help buyers visualise how they could use the space.
Makes scents – Use natural and subtle scents to create an inviting atmosphere. A bowl of fresh citrus fruit in the kitchen, or the scent of freshly brewed coffee, can create a positive emotional connection for buyers without being overpowering.
Highlight location – Buyers are not just purchasing a house but a lifestyle. In your listing and during an inspection, emphasise the home’s proximity to local parks, new cafes, community centres or other features that enhance liveability.