The latest data from the ABS shows the value of all residential dwellings in Australia for the June quarter dipped below the $10 trillion mark to $9.98 trillion.
In the previous quarter it was more than $10.1 trillion, meaning $162.4 billion was wiped away with the June quarter recording two RBA rate hikes - 25 basis points in May, and 50 basis points in June.
The mean price of residential dwellings fell $18,900 to $921,500 in the quarter.
This is against a backdrop of strong price growth over the past two years - in the June 2020 quarter, the total dwelling value was just over $7.2 trillion for a mean of $689,400.
In the June 2022 quarter, NSW continued to record the strongest figures, with the mean dwelling price at $1.18 million for a total value of $3.94 trillion or 39.5% of the value of all housing stock nationally.
That said, NSW recorded a $46,400 fall in the average price.
The cheapest state or territory was the Northern Territory at $542,100 on the mean.
In the months after June, the RBA has posted 150 basis points' worth of rate hikes, bringing the cash rate to 2.35%.
ANZ economists have previously estimated that a terminal cash rate of 3.35% by February would lower borrowing power by up to 30%.
CBA head of Australian economics Gareth Aird also previously said there is typically a three-month lag time between rate hikes and when homeowners materially feel the pinch.
For there to be an offset in the cost of rising mortgages, Moody's research previously found with a cash rate of 2.35% dwelling prices would need to decline 22.1%.
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