Australia’s housing market surged by $225.9 billion in the June quarter, pushing total home values to an unprecedented $10.91 trillion, according to new data from the Australian Bureau of Statistics (ABS).
Home prices climbed in every state except Victoria, with the national average rising by $15,600 to $973,300.
Significant price jumps were recorded in smaller states, while growth tapered off in larger ones.
In Western Australia, the average home price surged by $47,700 in the quarter to $816,000 — an increase of more than $500 per day.
South Australia and Queensland also saw substantial gains. South Australia’s average home price increased by $32,400 to $800,400, while Queensland's average rose by $30,500 to $885,400.
In New South Wales, average home prices increased modestly by $11,500, bringing the average value to $1.222 million. Meanwhile, Victoria was the only state to experience a decline, with its average home price dropping by $6,600 to $900,300.
Other states and territories saw moderate growth. The ACT's average home price increased by $7,600 to $953,900, while Tasmanian prices edged up by $3,600 to $672,600.
The Northern Territory recorded the nation’s lowest average home price, with values rising by $7,600 to $538,000.