It’s official – the average Australian home now costs over $1 million.
Newly released Australian Bureau of Statistics figures for the March 2025 quarter show the national mean dwelling price rose 0.7% from the three months to December to $1,002,500 – the first time it’s ever broken through the million-dollar mark.
Despite this record, price growth is slowing compared to last year. Annual growth in March was 5.9%, down from 9.5% in the March quarter 2024, with gains driven mostly by Queensland, Western Australia and South Australia.
Queensland now ranks as the second-most expensive market, with an average dwelling value of $944,700 – narrowly ahead of the ACT at $941,300. New South Wales remains the priciest, at $1.25 million, while the Northern Territory remains the most affordable, with an average price of $517,700.
Meanwhile, Australia’s total residential property value reached a staggering $11.4 trillion, up $130.7 billion from the previous quarter.
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