The Australian residential property market has reached an unprecedented milestone, with the total value of the nation's housing stock soaring to $12.3 trillion.
According to the latest data released by the Australian Bureau of Statistics, the sector saw a robust increase of $384.8 billion—a 3.2% jump—during the December quarter of 2025.
Dr Mish Tan, the ABS head of finance statistics, noted that the surge represents the thirteenth consecutive quarter of growth since late 2022.
"For the first time in history, the total value of dwellings has surpassed the $12 trillion mark," Dr Tan confirmed.
The momentum was largely underpinned by a 2.7% rise in the national mean dwelling price, which now stands at $1.1 million.
While every state and territory recorded gains this quarter, the "wild west" led the charge.
Western Australia reported a 7.5% increase, followed by Queensland at 4.8% and South Australia at 4.5%.
Most notably, Western Australia’s annual growth of 16.8% has propelled its mean housing price to $1.01 million, making it the third state—alongside New South Wales and Queensland—to join the "million-dollar club."
The rapid appreciation highlights a shifting geographical landscape in Australian real estate wealth as demand remains high despite broader economic pressures.