Australia’s home values have continued to reach record highs, yet not all states are sharing the spoils.
Fresh figures from the Australian Bureau of Statistics (ABS) have revealed that the nation’s residential dwelling stock climbed to $12,772.6 billion in the March 2026 quarter, with rising prices and new supply pushing values higher even as growth cools from late‑2025 highs.
The total value of dwellings increased by $315.9 billion over the quarter, up from $12,456.8 billion in December, with households accounting for $12,266.8 billion of that figure.
The number of residential dwellings rose by 54,200 to 11,495,200, while the national mean price lifted by $22,300 to $1,111,100, underlining that price gains, not just additional stock, are doing much of the heavy lifting.
NSW remains the most expensive market with a mean price of $1,324,800, ahead of Queensland on $1,123,700 and Western Australia on $1,103,500, while the Northern Territory sits at the bottom of the table at $597,300.
Growth moderates, but divergence widens
ABS head of finance statistics, Dr Mish Tan, said the quarterly result marked a step-down from the surge recorded at the end of last year.
“Growth in dwelling values moderated this quarter, following a strong rise in late 2025,” she said.
“Despite this, the value of Australia’s dwelling stock is 11.9 per cent higher than a year ago, with increases in residential property prices continuing to drive growth.”
Tan also drew attention to the growing gap between markets, with resource‑rich and high‑migration states now leading the pack.
She said that Victoria was the only state or territory to record a fall in its mean dwelling price this quarter, slipping 0.3 per cent or $2,400.
“Price growth has been strongest in Western Australia, the Northern Territory and Queensland over the past year,” she said.
“Annual growth for these states is well above New South Wales and Victoria, where increases have been comparatively modest.”
[Related: Inquiry lays bare housing crisis as tax reform bill reaches Senate]
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