Average Australian home prices hit $1m with more growth to come

Australian Community Media

Australia’s property market has reached a record milestone, with the national average dwelling price topping $1 million for the first time with forecasts of more increases to come. This video includes ACM-produced voiceover powered by AI.

Transcript

00:00I'm about to sell, now is your chance if you're interested at $1,126,000 is the bid.

00:06Bad news for first home buyers, as Australia's property market has smashed through the $1 million mark,

00:12with the national average home price topping $1 million for the first time.

00:17This milestone, confirmed by fresh Australian Bureau of Statistics data,

00:22marks a 0.7% rise from the previous quarter, with analysts expecting further gains.

00:28Queensland, Western Australia and South Australia led the latest surge,

00:32with total residential dwelling values soaring by $130 billion to a record $11.4 trillion.

00:39Prime Minister Anthony Albanese has flagged urgent reforms to cut red tape and boost housing supply.

00:47For renters and first home buyers, this continued price climb adds further strain,

00:52although Labor's Shared Equity Scheme aims to help some young Aussies get a foot in the door.

00:58The Government's Shared Equity Scheme allows eligible home buyers to purchase a property

01:03with a smaller deposit of at least 2% to obtain a loan with an equity contribution from the Federal Government.

01:10The Federal Government can make a contribution of up to 40% in exchange for a share,

01:15or proportional interest, in the property.

01:17The Federal Government can make a contribution of a small property,

01:20because one of the most important projects has been

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