Queensland property price growth has driven the national mean price beyond $1 million for the first time.
The latest Australian Bureau of Statistics (ABS) data showed the total value of Australia’s residential dwellings rose by $130.7 billion, or 1.2 percent, to $11.4 trillion in the March quarter.
ABS Head of Finance statistics Mish Tan said the national mean price of residential dwellings passed $1 million for the first time in that quarter, rising 0.7 percent to $1,002,500.
Dr Tan said Western Australia, South Australia and Queensland were the main drivers of the rise.
She said Queensland reached the second highest mean price in Australia, behind New South Wales, overtaking the ACT in the quarter.
Queensland surpassed Victoria in the September quarter last year.
“Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 percent. This was down from 9.5 percent in March quarter 2024,” Dr Tan said.
“Quarterly growth was seen across all states and territories, and most evident in Queensland (+1.9 percent) and South Australia (+1.6 percent).”
