The total value of Australian residential dwellings rose by A$130.7 billion or 1.2% in the March 2025 quarter to $11.4 trillion, according to the Australian Bureau of Statistics (ABS).
Of the total value of residential dwellings, A$10,918.9 billion was owned by households.
ABS head of finance statistics, Dr Mish Tan, said average residential dwelling prices rose 0.7% to $1,0002,500 in the March quarter.
This is the first time the average exceeds $1 million.
“Western Australia, South Australia and Queensland were the main drivers of the rise, with Queensland reaching the second highest mean price in Australia, behind New South Wales,” Tan said.
“Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9%.
“This was down from 9.5% in the March quarter 2024.”
New South Wales currently has the highest mean residential dwelling prices at $1,245,900.
Queensland also surpassed the Australian Capital Territory as the second highest value in the nation with an average price of $944,700.
All states and territories experienced quarterly growth, with Queensland and South Australia having the most noticeable increases at 1.9% and 1.6% growth, respectively.
The number of residential dwellings in Australia also rose from 53,400 to 11,338,500.
