Residental land values increase to $7.7tn

Land values by state

The ABS released the latest System of National Accounts figures, which showed the total value of residential land rising by +8.8 per cent across the 2024 financial year to a total of $7.7 trillion. 

It sounds like a big increase - and it is, to some degree - but the Aussie population has increased quite significantly over the past couple of years too. 

Commercial property is generally speaking more so an income asset than a capital growth asset, and land values increased by a somewhat more modest +6.4 per cent to $744 billion.

Rural land values have been strong, increasing +9.3 per cent to $723 billion.

New South Wales saw the total value of its residential land rise by +6 per cent to $3 trillion.

Unsurprisingly, the fastest growth in FY2024 was in Western Australia, up by +20 per cent across the financial year.

This was followed by land value increases in booming South Australia (+15 per cent), and Queensland (+14 per cent).

$3 trillion Aussie dollars today theoretically buys you Google (Alphabet), or alternatively all of the residential land across Australia's most populous state from Greater Sydney up to Tweed Heads, across to Albury and Wagga, and down through Wollongong to Batemans Bay and Eden.

A mildly interesting thought conundrum for the weekend!

Have a good one, and enjoy your democracy sausage if you're out voting in Queensland. 

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