If you thought buying a home across our region was expensive, spare a thought for our city cousins, facing average home prices well into the millions.
The total value of Australia’s residential dwellings rose by $130.7 billion (1.2 per cent) to $11.4 trillion in the March quarter 2025, according to figures released by the Australian Bureau of Statistics (ABS).
Dr Mish Tan, ABS head of finance statistics, said despite the rise, growth has slowed in housing prices.
“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. 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,” Dr Tan said.
“Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024.”
Latest Stories
Quarterly growth was seen across all states and territories, and most evident in Queensland (+1.9 per cent) and South Australia (+1.6 per cent).
In Cowra, home prices have risen by nearly 2 per cent in the previous year, reaching an average price of $385,000 for a three-bedroom home, or $525,000 for a four-bedroom home. In Young, the time on the market for a three bedroom home is less than half of that in Cowra, at 40 days, with an average price of $450,000, and $550,000 for a four-bedroom house.
Forbes sat firmly in the middle for the region, with an average 99 days on market for a three-bedroom home, and eclipsing Cowra’s 113 day wait on four-bedrooms, with a 124 days on the market in Forbes. A three-bedroom home in Forbes would set buyers back a median $360,000, or $608,000 for a four-bedroom house.
Further west to Parkes, four-bedroom homes spent an average of 150 days on the market, selling for a median price of $523,000, where three-bedroom houses sold for $415,000. The larger auction market also revealed an average clearance rate of 45 per cent, and 54 per cent for respective homes.
A total of 15 homes were sold in Canowindra in the last twelve months, too small to record a median price, Boorowa also saw 15 homes change hands. Grenfell saw 17 homes sold over the same period, along with one unit.
According to Domain Group’s latest Price Forecast Report, home prices are set to climb even higher in the year ahead, putting more pressure on already stretched budgets. Domain’s Chief of Research and Economics Dr Nicola Powell warned continued growth could push more young Australians out of the market entirely.
“The latest data is a reality check for many – if you’re trying to break into the property market, the next year could be your toughest challenge yet, ” Dr Powell said.
“While interest rate cuts and government support may offer some help, they’re also likely to keep prices rising, especially in Sydney and Melbourne, where the market is more sensitive to rate changes.
“Growth will slow compared to past cycles, but affordability is still a major barrier, with housing costs consuming a large portion of household income. For first home buyers, being prepared and well-informed is more important than ever.”
