AssetID: 54837027
Headline: UNCAPTIONED: Australian Home Prices Hit Record A$1 Million Amid Housing Crunch
Caption: Australian Home Prices Hit Record A$1 Million Amid Housing Crunch. Australia’s housing affordability crisis has hit a new milestone, the average home now costs over A$1 million. New data from the Australian Bureau of Statistics shows property values reached A$1,002,500 in the March quarter, up 0.7% from the previous three months. The surge is being driven by limited housing supply, a booming population, investor-friendly tax policies, and underfunded social housing. New South Wales remains the most expensive state, with average prices at A$1.2 million followed by Queensland at just under A$950,000. Despite a rise in all states and territories, experts say the pace of annual growth is beginning to slow. The ABS figures reflect more than 11 million dwellings nationwide from standalone houses to apartments, in one of the world's toughest property markets. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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