Overview

• The national average dwelling price climbed 0.7% to $1,002,500 in the March quarter, taking it above seven figures for the first time.
• The combined value of Australia’s residential properties increased by $130.7 billion to reach $11.4 trillion.
• Annual growth in dwelling values slowed to 5.9% in the March quarter, down from 9.5% in the same period a year earlier.
• Queensland overtook the ACT as the second priciest housing market behind New South Wales, and Perth’s median home price surpassed Melbourne’s for the first time in a decade.
• Economists expect home prices to climb another 5–6% over the next 12 months, while the Albanese government plans to cut red tape and overhaul planning regulations to ease supply constraints.