Average Australian house pips $1m for the first time
Australia’s mean house price – not to be confused with the less statistically reliable median used in most real estate reporting – has hit seven figures for the first time, specifically, $1,002,500.
According to Australian Bureau of Statistics research released today, New South Wales continues to lead the nation with the mean price of a home in the March quarter at $1,245,900, up nearly $6000 on the December figure.
Queensland follows at $944,700 – a rise of $85,900 since last March and $419,800 since March, 2020, when the country went into lockdown.
The Sunshine state displaced ACT, now the country’s third priciest region with the average home costing $941,300, slightly down on last quarter ($942,500) and last year ($951,800).
According to the ABS, Victoria is next ($899,700), then Western Australia ($874,200), South Australia ($861,900), Tasmania ($670,200) and Northern Territory ($517,700).
Small step, giant leap
Australia’s mean house price rose $6900 for the quarter – 0.5 per cent – to reach $1,002,500.
Combined, the value of homes traded reached $11.4 trillion for the March quarter, up $130.7 billion or 1.2pc on the December, 2024, figure, the ABS said in a statement.
The number of dwellings increased too, by 53,400 to 11,338,500.
The ‘mean value’ is the average calculated by adding the numbers in a set then dividing it by the count in that set.
The median value largely circulated by privately owned groups and used extensively in real estate reporting, is the value of the middle sale in the set when arranged in ascending order.
It is considered less statistically dependable as it relies on agent or developer input – and a sizeable number of sales are missed.
Some deals do not settle either, also skewing a figure.
The ABS research released today by comparison captures all sales – including those undisclosed to private research groups – finalised with respective government departments.
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