Australian Average Home Price Tops $1 Million

Australia's average home price surpassed A$1 million for the first time, reaching A$1,002,500 in the March quarter of 2025, amid an intensifying housing crisis. The surge reflects years of prices outpacing wages due to limited supply, population growth, investor tax incentives, and insufficient social housing investment. Queensland has overtaken the ACT as the second-priciest market after New South Wales, with Western Australia and South Australia also driving price increases. Annual price growth slowed to 5.9%, but further rises are expected as interest rates fall. The total value of residential dwellings hit $11.4 trillion, underscoring a growing affordability challenge that now affects both lower- and middle-income Australians. The government recognizes regulatory obstacles to new supply and faces mounting pressure for bold reforms to address the crisis.