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Average Home Hits $1 Million in Main Cities

Average Home Hits $1 Million in Main Cities

The average home across Australia has reached $1 million, according to new data released today.

According to the latest figures by the Australian Bureau of Statistics (ABS), the value of Australia’s residential properties rose by $130.7 billion to $11.4 trillion in the March quarter 2025. This pushed the national mean price of residential property to $1,002,500.

ABS head of finance statistics, Dr Misha Tan, said that 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”. However, Dr Tan noted: “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”.

The milestone came as Cotality’s most recent Home Value Index, revealed that prices are 1.7% higher since the start of 2025. Last month’s gains were felt across all capital cities, with Darwin leading the charge at 1.6% followed by Perth at 0.7%. Sydney and Melbourne rose by 0.5% and 0.4% respectively.

Cotality’s research director, Tim Lawless, said the uptick in values was largely due to the RBA’s cash rate movements.

“The continued momentum we’re seeing across almost all markets is no doubt being fuelled by rate cuts—both those that have already happened, but also potential cuts in the coming months,” he said.