Queensland becomes second state with a mean dwelling price of over $1 million
Australia’s residential property stock has reached a new peak, with the total value of housing now estimated at $11.9 trillion, according to the latest figures from the Australian Bureau of Statistics (ABS).
The ABS reported that the total value of the nation’s 11.41 million residential dwellings increased by 2.7% over the September 2025 quarter, lifting by $317 billion compared with the June quarter. The number of homes also grew, with more than 53,000 additional dwellings recorded over the three-month period.
Average dwelling values rose in every state and territory, with the mean price of residential property nationally increasing by $23,000 to $1,045,400 over the quarter.
“Queensland is the second state after New South Wales with a mean dwelling price of over $1 million, following a rise of 3.5% or $33,900 in the September quarter 2025,” said Mish Tan, head of finance and statistics at the Australian Bureau of Statistics.
The ABS noted that the sharpest quarterly increases in mean dwelling values occurred in Western Australia, up 4.5% or $40,800; followed by Queensland; and the Northern Territory, up 5.3% or $28,400.
The scale of the housing market now far exceeds other domestic and global benchmarks.
The ABS data indicates that residential property is worth around four times the Australian sharemarket, which has a total market capitalisation of about $3 trillion. It also places the housing sector at close to twice the market value of Nvidia, currently the world’s largest listed company with a capitalisation of roughly $6.7 trillion.
Price momentum has persisted beyond the September reference period.
Separate figures from PropTrack show national home prices rose a further 0.5% in November and now sit 8.7% above their level a year earlier. Cotality’s national Home Value Index increased by 1% in November, marking a third consecutive monthly gain of at least 1%, although this was marginally below the 1.1% rise recorded in October.
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