- The average (mean) dwelling price in Australia has reached $779K, and total $8.29T
- NSW’s average has topped $1M for the first time, with VIC $834K and ACT $809K
- The cheapest overall dwelling prices are in NT, where the mean average is $480K
The average price of all dwellings (houses and units) in Australia has risen to $779,000, according to the Australian Bureau of Statistics’ (ABS) latest quarterly report, for March 2021.
Residential properties are the most expensive in NSW, where the average has reached $1,011,000. This is the first quarter on record that has a state or territory’s mean dwelling price has reached the seven-figure mark.
Mean dwelling price, states and territories, March 2021
In Sydney, median prices are more than $1.3 million.
Victoria is not far behind NSW with an average dwelling price of $834,600, followed by the ACT $809,000. There is then a gap to the rest of the states and territories, with average prices ranging from the lowest (NT) $480,000 to $586,000 (Queensland).
As reported yesterday, the total value of all the 10.6 million or so residential dwellings in the country has topped $8 trillion, up from $6.65 trillion in March 2019.
Total value of dwelling stock
In the March 2021 quarter alone, the value rose almost half a billion, the largest rise on record and the first time that the total value of residential dwellings has exceeded $8 trillion, according to the ABS.
Overall, property prices are rising, as has been well documented, with a rise of 5.4% in March 2021, the third successive such quarterly increase. This followed a ‘property price recession’ of sorts in the June quarter 2020, when prices fell back 1.8%.
Mean dwelling price, states and territories, March quarter 2021