The total value of homes in Australia has surged by nearly $400 billion in just a few months, pushing the country’s residential property market past the $12 trillion mark, according to new data.
Figures released by the Australian Bureau of Statistics show that the combined value of the nation’s homes has reached $12.3 trillion, after increasing 3.2 percent in the December 2025 quarter.
House prices rose across every state and territory, with Western Australia recording the largest increase, where the average dwelling price rose by $70,500. The increase pushed the state into the million-dollar housing club, alongside New South Wales and Queensland, where the mean dwelling price now exceeds $1 million.
The mean price of dwellings in the Northern Territory increased by 15.1 percent, while Queensland recorded a 13.9 percent rise. During the latest quarter, housing prices in Queensland climbed 4.8 percent, while South Australia saw prices rise 4.5 percent, or about $40,800.
According to ABS financial statistics head Dr Mish Tan, housing prices in Western Australia have risen faster than any other state or territory over the past year, increasing 16.8 percent to reach $1.01 million since the December quarter of 2024.
Meanwhile, the Australian Capital Territory recorded the slowest annual growth at 3 percent, while housing prices in Melbourne and Sydney rose by 3.4 percent and 3.6 percent respectively during the year to December 2025.
Overall, the national average dwelling price recorded an annual growth of 7.2 percent. Dr Tan noted that Australia’s housing market has grown continuously since September 2022, with the most recent quarter recording the largest increase in the past three years.
