The average value of a home in Australia has surpassed $1 million for the first time, despite a decrease in growth as the government addresses the housing affordability crisis. Recent data from the Australian Bureau of Statistics revealed that the average home price reached $1,002,500 in the March quarter, showing an increase of $6900 from the previous quarter in 2024.
Although New South Wales still holds the highest average home value at $1.25 million, Queensland has now surpassed the Australian Capital Territory in home values.
During the first three months of the year, the total value of Australia's residential housing market reached $11.4 trillion, marking a $131 billion increase or 1.2% growth. While all states and territories experienced growth in the March quarter, the annual growth rate slowed to 5.9%, down from 9.5% compared to the same period last year.
Source: The Age
