The value of the average Australian home has passed $1 million for the first time.
According to ABS figures for the March quarter, the total value of Australia’s residential homes rose by $130.7 billion (1.2 per cent) to $11.4 trillion.
ABS head of finance statistics Mish Tan said the national mean price of residential homes passed $1 million for the first time in the quarter 2025, rising 0.7 per cent or $6900 to $1,002,500.
The number of homes in Australia rose by 53,400 to 11,338,500 during the quarter.
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, he said.
“Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent,” Tan said.
“This was down from 9.5 per cent in March quarter of 2024.”
Quarterly growth was experienced across all states and territories, led by Queensland (up 1.9 per cent) and South Australia (up 1.6 per cent).
The Real Estate Institute of Australia said it expected prices to continue rising, although the pace of growth is unlikely to return to the levels seen during the Covid property boom.
REIA president Leanne Pilkington said the association expected house prices to continue to rise for the rest of the year.
“We’re certainly not going to see the massive increases that we saw during Covid, but we do think house prices will continue to increase, particularly as interest rates are predicted to fall further,” she told media.
