Australian Property

Australia’s land price bubble is the real housing crisis

Leith van Onselen
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According to the Australian Bureau of Statistics’ (ABS) annual national accounts for 2024–25, the total value of residential land rose by 7.0% over the financial year to an all-time high of $8.3 trillion.

Australian land values

In 1989, the total value of residential land in Australia was 1.1 times GDP. By 2024–25, it had increased to 3.0 times GDP.

Autralian land values index
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Land now makes up 75% of the value of Australia’s housing stock, up from 54% in 1990–91.

Residential land share

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.