Australia’s housing market continues to soar, with the national average dwelling price surpassing $1 million for the first time, according to new data from the Australian Bureau of Statistics (ABS).
In the March 2025 quarter, the total value of the country’s residential dwellings rose by $130.7 billion, up 1.2% to reach $11.4 trillion.
The milestone was largely driven by property markets in Western Australia, South Australia, and Queensland, ABS data showed.
“The national mean price of residential dwellings passed $1 million for the first time in the March quarter 2025, rising 0.7% to $1,002,500,” said Mish Tan (pictured), head of finance statistics at the ABS. “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.”
While national dwelling values continued to climb, the pace of annual growth has cooled.
“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 March quarter 2024,” Tan said.
All states and territories recorded dwelling price increases in the March quarter, with Queensland and South Australia leading the charge. Quarterly growth was strongest in Queensland, up 1.9%, followed by South Australia with a 1.6% gain.
