<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The cost of buying a new home has hit another milestone, even as the speed at which prices are increasing slowed over the past year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>New data released this morning by the Australian Bureau of Statistics (ABS) showed that the national average dwelling price is now sitting at just over $1 million – the first time it has reached seven figures.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It also showed the combined value of all homes in Australia had reached $11.4 trillion for the March quarter, an increase of $130.7 billion or 1.2 per cent since December.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/buy-now-pay-later-changes-new-bnpl-regulations-explained/980f4155-5f2b-4f5c-9f48-daad30422f16"><strong><span>Huge changes just made to the way millions of Aussies shop</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Five years ago, that figure was sitting at just $7.3 trillion.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But while prices are still increasing – and, with more interest rate cuts expected throughout the year, are showing no signs of going backwards – they are rising at a slower pace than at the same time last year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent," ABS head of finance statistics Dr Mish Tan said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/home-prices-australia-average-1-million-dollars/461fee7a-7bd8-4e21-83fd-82a612345a24" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This was down from 9.5 per cent in March quarter 2024."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/monash-ivf-makes-second-embryo-this-year/1aef0336-4841-48a2-9b6a-324da5065b63"><strong><span>Aussie IVF giant admits to another embryo bungle</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>New South Wales, where the average home price is $1.25 million, remains Australia's most expensive property market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The average price in the ACT went backwards, falling slightly to $941,300, with Queensland $944,700 overtaking it to become the second-priciest market in the country.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The national mean price of residential dwellings passed $1 million for the first time in the March quarter 2025, rising 0.7 per cent to $1,002,500," Tan said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Western Australia, South Australia and Queensland were the main drivers of the rise, with Queensland reaching the second highest mean price in Australia, behind New South Wales."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Northern Territory ($517,700) remains the country's least expensive market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>:</span></em></strong><span> </span><em><strong><span>Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>