The average dwelling price in Australia has passed the $1 million mark for the first time ever.

New Australian Bureau of Statistics (ABS) figures for the March 2025 quarter also show the total value of residential real estate in Australia rose by $130.7 billion during the quarter.

While the majority of experts use median price or median value data when analysing the market, the ABS has used the mean, or average price, which rose by $6900 to $1,002,500.

ABS head of finance statistics, Dr Mish Tan,  says Western Australia, South Australia and Queensland are the main drivers of the rise, with Queensland reaching the second-highest mean price ($944,700) in Australia, behind New South Wales ($1.245,900). 

Cameron Kusher of Oz Property Insights says while New South Wales is the only state or territory in which the average dwelling price is above $1 million, both Queensland and the ACT ($941,300) are getting closer.

Analysis by PropTrack shows that in 2025, there were 1,073 suburbs in Australia with $1 million or higher medians.