Average Australian home now costs $1 million

Australia’s property market has reached a record milestone, with the national average dwelling price topping $1 million for the first time, with forecasts of more increases to come.

The average price of an Australian home has now reached an eye-watering $1 million. 

That is the finding from the Australian Bureau of Statistics, which said the record price for Australian dwellings came in the March quarter of 2025.

"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," Dr Misha Tan, ABS head of finance statistics said.

"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." 

NSW dwelling prices, which include both houses and units, remained in front with an average price of $1.245 million.

It is the only state with an above $1 million price tag, despite the national mean now hitting over $1 million.

Next in line is Queensland, where the average home will set you back $944,700 according to the ABS.

The ACT has seen its home prices drop over the last year. In the March quarter of 2024, it stood at $951,800, but this year it had dropped to $944,700.

WA, which has seen strong growth, jumped nearly $100k in the same time, with the mean dwelling price of $869,200.

Victoria has also seen a drop in prices over the past year. It went from a mean dwelling price of $911,800 in the March quarter of 2024 to $899,700 this March quarter 2025.

The rise of the national home price came in a period when the RBA had made its first cut for 2025 in February.

It cut rates again in May, taking the cash rate to below 4% for the first time in two years.

And while there was strong growth in prices in the three months to March, yearly growth in prices was down.

"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," Dr Tan said.

Quarterly growth was seen across all states and territories, and was most evident in Queensland (+1.9%) and South Australia (+1.6%).

The total value of all Australian homes also rose in the March quarter, according to the ABS.

It reported that the total value of Australia's residential dwellings rose by $130.7 billion (1.2%) to $11.4 trillion in the March quarter.

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