- The mean dwelling value in Australia is now $1.016 million, an all time high.
- Australia's housing stock is now worth a cumulative $11.6 trillion.
- Prices are expected to increase further in the coming months.
The total value of residential dwellings in Australia hit $11.6 trillion in the June quarter according to the ABS.
That's an increase of $213.8 billion or 1.9%, and means the national mean (when divided by the approximate 11.3 million properties) rises to $1.016 million.
The value of dwellings owned by households as opposed to governments or the private sector also rose above $11 trillion for the first time.
According to Cotality, the median price is still just under $850,000, the top end of the market blowing out the mean, but by both measures the pace of growth appears to be quickening.
The median is the middle value, while the mean can be exacerbated by a few very valuable properties at the top end.
The 1.9% value of dwellings increase in June followed a 0.3% increase in the March quarter, while August saw the largest monthly increase to the Cotality Home Value Index (HVI) since May.
Victoria, Tasmania, the Northern Territory, and the ACT are the only states/territories where the mean dwelling value isn't now at an all time high.
Mean dwelling prices by state
| Mean dwelling price (June 2025) | |
|---|---|
| New South Wales | $1,256,000 |
| Victoria | $909,000 |
| Queensland | $977,000 |
| South Australia | $854,000 |
| Western Australia | $898,000 |
| Tasmania | $671,000 |
| Northern Territory | $523,000 |
| ACT | $949,000 |
House prices doubled since 2013
In June 2013 the ABS estimated the mean price of all residential dwellings was about $5.08 trillion.
This suggests the average house price has more than doubled over the 12 years since, however could indicate a greater quantity of luxury homes being built.
Over the same period, wages increased by just under 35% according to the ABS.
Big price increases for rest of 2025?
Since the slight dip at the start of this year, property prices have been climbing steadily for several months.
Now buyer activity could be set to increase further after three cash rate cuts and the 1 October expansion of the First Home Guarantee.
However, Cotality Australia Research Director Tim Lawless says that while prices are likely to keep climbing, he'd be "surprised" if the HVI started growing at a similar rate to recent growth periods in 2021 and 2023.
"What's more likely is that home values will rise at a more sustainable pace, with demand dampened by affordability constraints, more normal rates of population growth and cautious lending policy," he explained.
Monthly price growth peaked in the pandemic period at 3.1% over March 2021, which Cotality suggested was unsustainable.
The Westpac-Melbourne Institute 'Time to buy a dwelling' index dropped 1.7% in September compared to August, with increased uncertainty about further rate cuts before the end of the year.
According to the ASX RBA rate tracker, market expectations are there is only a 16% chance the RBA will cut in September, and all four major banks are still officially predicting the next 0.25% cut will come in November.