Australian residential property values have surged to a staggering $10.7 trillion in the March Quarter of 2024, marking a $209.4 billion increase, as per the Australian Bureau of Statistics. The number of dwellings also rose by 52,700 to 11.2 million.

Key highlights include New South Wales boasting an average mean house price of $1.2 million, followed by the ACT at $950,500, and Victoria at $914,300.

What does this mean for you?