PHOTO: The typical value of an Australian home dropped by just shy of $10,000. Source: Supplied

Australian homeowners lost an average of nearly $10,000 in equity in the lead up to spring this year, new figures have revealed.

The losses combined across the country’s 10.1 million homes wiped $70.1 billion from the value of the Australian housing market over the three months to September, according to the ABS data.

The September falls shrank the total value of the national housing market back to $6.8 trillion.

The mean value of an Australian home was estimated to be $675,000.