The mean price of a home in Australia is now $941,900, according to data released this week by the Australian Bureau of Statistics (ABS).
The figures show that the total value of Australia’s homes rose by $221.2 billion in the March quarter 2022 and $1.8 trillion over the 12 months since the March quarter 2021. This brings the total value of Australia’s 10.8 million dwellings to $10.2 trillion for the first time.
NSW accounted for 40.1 per cent, or $4.1 trillion, of the total, followed by Victoria with 26.9 per cent ($2.7 trillion) and Queensland with 16.7 per cent ($1.7 trillion).
The mean price of residential dwellings in Australia was $941,900, up from $925,300 in the December quarter 2021.
Over the past year, growth in median prices in regional NSW and Victoria has outpaced growth in their capital cities for both houses and attached dwellings.
The median house price in Sydney rose by 16.4 per cent to $1,245,000, and by 9.4 per cent to $930,000 in Melbourne, over the 12 months to the March quarter 2022.
Meanwhile, in regional NSW, the median house price increased 29.1 per cent to $800,300, and the Victorian regions saw a rise of 17.4 per cent to $640,000.