The cost of buying a new home in Australia has officially cracked the million-dollar mark, with new figures revealing the national average dwelling price has surpassed $1 million for the first time.
According to data released today by the Australian Bureau of Statistics (ABS), the national mean price of residential dwellings rose by $6,900 in the March quarter to $1,002,500 — a 0.7 per cent increase from the previous quarter.
This milestone comes even as the pace of property price growth slows. Annual growth for the March 2025 quarter eased to 5.9 per cent, down from 9.5 per cent in the same period last year.
ABS head of finance statistics, Dr Mish Tan, said Western Australia, South Australia and Queensland were the key drivers of this quarter’s price rise. Queensland, with a mean home price of $944,700, has now overtaken the ACT ($941,300) to become the second most expensive housing market in the country, behind New South Wales.
NSW remains Australia’s priciest state, with the average home now costing $1.25 million. At the other end of the spectrum, the Northern Territory holds its place as the most affordable market, with an average dwelling price of $517,700.
The total value of Australia’s residential dwellings also continued to climb, rising by $130.7 billion (1.2 per cent) to reach $11.4 trillion in the March quarter. Of that, households own $10.9 trillion worth of property.
The number of residential dwellings in Australia grew by 53,400 over the quarter, bringing the national total to 11,338,500.
Despite rising interest rates in recent years, home values continue to grow steadily, with expectations of future rate cuts potentially fuelling further demand in the months ahead.
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