Australia’s residential property market has hit a new milestone, with the national mean dwelling price surpassing $1 million for the first time.
New data from the Australian Bureau of Statistics (ABS) for the March 2025 quarter shows the average value of a residential property now sits at $1,002,500, following a quarterly increase of $6,900.
The total value of Australia’s residential dwellings rose by $130.7 billion to reach $11,366.4 billion, up from $11,235.7 billion in the December 2024 quarter.
Of that, $10,918.9 billion is held by households. The growth in value was reflected across all states and territories, with Queensland (+1.9%) and South Australia (+1.6%) leading the increase.
The total number of residential dwellings in Australia also climbed, rising by 53,400 to reach 11,338,500 nationally.
State-by-State breakdown
The mean dwelling price in New South Wales remains the highest in the country at $1,245,900. In a notable shift, Queensland ($944,700) overtook the Australian Capital Territory ($941,300) to claim second place for the highest average dwelling price.
The Northern Territory remains the most affordable market, with a mean price of $517,700.
These figures mark a key moment in Australia’s housing market, reflecting sustained upward pressure on prices despite affordability challenges, tight supply, and rising population demands.
