CANBERRA, Sept. 8 (Xinhua) -- The total value of Australia's residential dwellings fell 0.3 percent in the June quarter of 2026, marking the first quarterly decline since September 2022, official data showed on Tuesday.
Figures released by the Australian Bureau of Statistics (ABS) showed the total value of residential dwellings fell by 34.1 billion Australian dollars (24.6 billion U.S. dollars) to 12.7 trillion AUD (9.1 trillion USD) in the June quarter.
"The value of dwelling stock fell for the first time since the September quarter 2022," said Mish Tan, ABS head of finance statistics.
Tan said the quarterly decline was driven by lower property prices, with the mean dwelling price falling 0.7 percent to about 1.1 million Australian dollars, adding that the decline was consistent with a recent softening in housing market conditions.
The mean dwelling price fell 2.4 percent in New South Wales, 2.1 percent in Victoria and 1.3 percent in the Australian Capital Territory, while rising in all other states and territories.
In value terms, residential dwelling stock fell 2.0 percent in New South Wales, 1.6 percent in Victoria and 0.7 percent in the Australian Capital Territory during the quarter.
Despite the quarterly decline, the total value of Australia's dwelling stock remained 8.5 percent higher than a year earlier.
The number of residential dwellings increased by 54,400 during the quarter to 11.53 million. ■
