The stock of affordable dwellings fell significantly across Australia last year, a new report shows. According to the 2023 PEXA Property Insight Report, the proportion of properties that settled in New South Wales with values below A$500,000 fell from 22 per cent in the December quarter 2022 to 18.3 per cent in the December quarter last year. Over the same period, the proportion of properties selling for less than $500,000 in Victoria fell from 36.2 per cent to 34.3 per cent. The most notable decline was in Queensland, where the proportion fell from 44 per cent to 36.7 per cent. Growth in the volume of dwellings sold for $2 million or more grew by 27 per cent in New South Wales, 23.5 per cent in Victoria and 38.1 per cent in Victoria. Based on land registry data, PEXA calculated that 670,883 properties worth $613 billion changed hands in Australia in 2023. This was down 9.1 per cent on the previous year. Activity hit bottom in the March quarter before picking up in the second half of the year. The December quarter was the highest quarter of the year.