A new index from the Australian Bureau of Statistics has revealed that the total value of the country’s residential dwellings breached $10 trillion for the first time early this year.
Median prices for detached dwellings in Brisbane and Canberra rose the fastest over the year, at 29.3 per cent and 28.3 per cent respectively, closely followed by Adelaide and Hobart . On the supply side, the number of residential dwellings in Australia increased by 45,000 during the March quarter to reach 10.8 million.
“International investment plays a critical role in getting many new housing projects off the ground in NSW. The surcharge is a tax on new development and a handbrake on new homes.”
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