Australia’s Average Home Price Surpasses 1 Million AUD Amid Housing Crisis

Canberra:The average price of homes in Australia has surpassed 1 million Australian dollars (approximately 652,000 USD or 18.35 million Pakistani rupees) for the first time, highlighting the severity of the ongoing housing crisis in the country.

According to the latest figures released by the Australian Bureau of Statistics (ABS), the average home price in the first quarter was 1,002,500 AUD, which is a 0.7% increase from the previous quarter.

As reported by BBC, Australia is now one of the countries where securing housing has become extremely difficult. Buying or renting a home is now out of reach for many Australians. Experts attribute this crisis to factors such as a shortage of housing, growing population, tax breaks for property investors, and reduced investment in social housing.

The state with the highest average home price is New South Wales, Australia’s most populous state, where the average price has reached 1.2 million AUD. Following this, Queensland has an average price of 945,000 AUD.

According to ABS spokesperson, Mish Tan, Western Australia, South Australia, and Queensland have been the biggest drivers of price increases. While home prices have increased in all states and territories through March of the first quarter, the rate of annual growth is slowing. These statistics represent Australia’s 11.3 million homes, including free-standing houses, terrace houses, and apartments.

Michael Feddingham, head of the Australian Housing and Urban Research Institute, commented that surpassing the 1 million AUD mark is not surprising, as it is the result of a national trend that has seen home prices rise much faster than incomes over the years, placing significant pressure on the housing system. He added that this issue is not limited to low-income families; even middle-income households are severely affected.