Australian Home Prices Now Average Over $1 Million

If you've been delaying your home-buying plans, this might be the sign you've been waiting for. For the first time, the average cost of an Australian home has cracked the $1 million mark.

Even with high living costs and a few challenging years of interest rate hikes, the property market just keeps moving. And not quietly either.

The latest data from the Australian Bureau of Statistics (ABS) reveals that the national average home price is now sitting at $1,002,500. A historic high that has buyers and sellers taking notice.

Let’s unpack what that means for you.

Home Prices Depend on Where You Buy

The ABS figures show a 0.7 percent lift in average prices during the March 2025 quarter. That nudge was all it took to push the national average into seven-figure territory.

But these averages can be deceiving if you don't look at state-by-state breakdowns.

Here’s how things currently stand:

• New South Wales leads the pack with an average price of $1,245,900
  
  
• Queensland follows with $944,700
  
  
• The ACT is close behind at $941,300
  
  
• Victoria sits just under the million mark at $899,700
  
  
• Western Australia is at $874,200
  
  
• South Australia rounds out the middle at $861,900
  
  
• Tasmania offers more affordability at $670,200
  
  
• The Northern Territory is the lowest, with an average of $517,700
  
  

So while the national average has hit a record high, there are still pockets of affordability across the country.

Where Are Prices Headed Next?

The ABS data stops at March 2025, but recent insights from CoreLogic suggest the trend is still upwards.

Even markets that had slowed down, like Darwin, Hobart, and Canberra, are showing signs of bouncing back.

One major reason? Falling interest rates. According to PropTrack, lower rates have boosted buyer confidence and borrowing capacity. That means more people are jumping back into the market, which helps push prices higher.

Is Now the Right Time to Buy?

If you're asking yourself whether home prices will keep rising, you're not alone.

While no one can say with certainty what will happen next, many experts believe prices are likely to continue climbing.

CoreLogic has noted that the recent May rate cut should have a positive effect on home values through June and the rest of the year.

PropTrack backs this outlook, citing limited housing supply, strong population growth, and ongoing support for first home buyers as key drivers of expected gains through 2025.

Ready to Buy in a Million-Dollar Market? Osinski Finance Can Help You Make It Happen

There’s no perfect time to buy, but there is such a thing as being prepared.

If you're wondering whether you're ready to leap, a good place to start is understanding what you can afford.

We, at Osinski Finance, are ready to help you figure out your borrowing power, compare home loan options, and get clear on your next steps. Whether you're buying your first home, investing in a property, or looking for a smarter home loan, we’ll make the process simple, tailored, and stress-free.

Call us and take the first step toward owning a place you can call your own.

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