National housing stock grows 11.9% annually as Western Australia and Queensland lead price gains
The total value of Australia's residential dwellings rose $315.9 billion, or 2.5%, to $12.8 trillion in the March quarter of 2026, according to data released by the Australian Bureau of Statistics (ABS).
The pace of growth slowed from the previous quarter, when dwelling values increased $384.8 billion, or 3.2%, to $12.3 trillion — the first time the national total had exceeded $12 trillion.
"Growth in dwelling values moderated this quarter, following a strong rise in late 2025," said Mish Tan, head of finance statistics at the Australian Bureau of Statistics. "Despite this, the value of Australia's dwelling stock is 11.9% higher than a year ago, with increases in residential property prices continuing to drive growth."
The mean price of residential dwellings rose by $22,300 over the quarter to $1,111,100. The total number of residential dwellings increased by 54,200 to 11,495,200.
Victoria was the only state or territory to record a fall in mean dwelling prices, declining 0.3%, or $2,400. Western Australia posted the strongest quarterly growth at 7.2%, or $73,700, followed by Queensland at 4.6%, or $49,800.
"Price growth has been strongest in Western Australia, the Northern Territory and Queensland over the past year. Annual growth for these states is well above New South Wales and Victoria, where increases have been comparatively modest," Tan said.
Investor Nathan Birch, who holds approximately 380 investment properties, attributed ongoing price support to structural supply constraints. "It's supply and demand," he said. "We have lots of people who want to buy property and not enough stock. We haven't even seen the start of it."
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