The total value of Australia's residential dwellings has passed $10 trillion for the first time.
New data from the Australian Bureau of Statistics (ABS) shows the total value of Australia's residential dwellings rose by $221.2 billion in the March quarter.
This means the average price of residential dwellings in Australia now stands at $941,900, up from $925,300 in the December quarter in 2021.
ABS Head of Prices Statistics Michelle Marquardt said over the past year, growth in median prices in regional NSW and Victoria had outpaced growth in their capital cities for both houses and attached dwellings.
"The total value of residential dwellings rose $1.8 trillion in the 12 months to the March quarter 2022 from $8.4 trillion in the March quarter 2021," she said.
The ABS said the value of all dwellings in NSW combined is now $4.1 trillion, which is 40.1 per cent of the total value of dwellings in Australia.
Victoria followed with 26.9 per cent, or $2.7 trillion and then Queensland with 16.7 per cent, $1.7 trillion.
The median house price in Sydney rose by 16.4 per cent to $1,245,000, and by 9.4 per cent to $930,000 in Melbourne, over the 12 months to the March quarter 2022.
Meanwhile, in regional NSW, the median house price increased 29.1 per cent to $800,300, and the Victorian regions saw a rise of 17.4 per cent to $640,000.