Latest news with #MishTan
Yahoo
3 days ago
- Business
- Yahoo
Average Australian homes tops A$1m amid housing crisis
The average price of an Australian home has surpassed A$1m ($652,000; £483,000) for the first time, as the nation grapples with a housing affordability crisis. Figures released by the Australian Bureau of Statistics (ABS) this week estimate the average home was worth A$1,002,500 in the March quarter, up 0.7 per cent from the previous quarter. The nation is home to some of the least affordable cities on Earth, where buying or renting a place is increasingly out of reach for many Australians. Experts say the crisis is being driving by a lack of homes, a growing population, tax incentives for property investors, and inadequate investment in social housing. The country's most populous state, New South Wales (NSW), continues to have the priciest homes on average, at A$1.2m, followed by Queensland at A$945k, according to the ABS. The agency's Mish Tan said the states of Western Australia, South Australia and Queensland were the "main drivers of the rise". While the average price of homes climbed in all states and territories in the March quarter, the annual growth rate is slowing, she added. The figures take in Australia's 11.3m dwellings - including the full gamut of property types, from freestanding homes, to terrace houses and apartments. Michael Fotheringham, head of the Australian Housing and Urban Research Institute, is not surprised to see the $1m benchmark crossed. Though a "daunting" and "compelling" statistic, he says it is the result of a years-long national trend of home prices outpacing wages and leaving the housing system "very strained". "This isn't just an affordability problem for lower income households - this is very much a problem for medium-income households as well," he said. "Globally we're seeing the term housing crisis being used in many developed countries," he added, "[but] our housing prices have risen sharply so it's one of the less affordable countries overall." Rental availability has also been a problem in recent years, and there isn't enough social housing to meet demand either. Australia's looming election brings housing crisis into focus The year the Australian Dream died Canada is facing similar challenges, Dr Fotheringham said, but the UK was markedly different as it has more council estates and social housing in the mix. However, the UK and Australia do share what he called "ambitious housing targets" with Australia hoping to build 1.2m homes and the UK 1.5m homes within the next five years. Australia's Prime Minister Anthony Albanese - who won a second term last month at an election where housing was a top issue - on Tuesday said his government was looking to further reduce red tape for developers. They have long complained that planning laws prevent them from building enough homes. "One of the things that we have to do is to make it easier," he said, according to the Sydney Morning Herald, adding "developers say that it's just too complex [and it] adds to costs as well".
BBC News
3 days ago
- Business
- BBC News
Average Australian home tops A$1m amid housing crisis
The average price of an Australian home has surpassed A$1m (£483k, $652) for the first time, as the nation grapples with a housing affordability released by the Australian Bureau of Statistics (ABS) this week estimate the average home was worth A$1,002,500 in the March quarter, up 0.7 per cent from the previous nation is home to some of the least affordable cities on Earth, where buying or renting a place is increasingly out of reach for many say the crisis is being driving by a lack of homes, a growing population, tax incentives for property investors, and inadequate investment in social housing. The country's most populous state, New South Wales (NSW), continues to have the priciest homes on average, at A$1.2m, followed by Queensland at A$945k, according to the agency's Mish Tan said the states of Western Australia, South Australia and Queensland were the "main drivers of the rise".While the average price of homes climbed in all states and territories in the March quarter, the annual growth rate is slowing, she figures take in Australia's 11.3m dwellings - including the full gamut of property types, from freestanding homes, to terrace houses and Fotheringham, head of the Australian Housing and Urban Research Institute, is not surprised to see the $1m benchmark a "daunting" and "compelling" statistic, he says it is the result of a years-long national trend of home prices outpacing wages and leaving the housing system "very strained"."This isn't just an affordability problem for lower income households - this is very much a problem for medium-income households as well," he said. "Globally we're seeing the term housing crisis being used in many developed countries," he added, "[but] our housing prices have risen sharply so it's one of the less affordable countries overall."Rental availability has also been a problem in recent years, and there isn't enough social housing to meet demand either. Canada is facing similar challenges, Dr Fotheringham said, but the UK was markedly different as it has more council estates and social housing in the the UK and Australia do share what he called "ambitious housing targets" with Australia hoping to build 1.2m homes and the UK 1.5m homes within the next five Prime Minister Anthony Albanese - who won a second term last month at an election where housing was a top issue - on Tuesday said his government was looking to further reduce red tape for developers. They have long complained that planning laws prevent them from building enough homes. "One of the things that we have to do is to make it easier," he said, according to the Sydney Morning Herald, adding "developers say that it's just too complex [and it] adds to costs as well".
News.com.au
4 days ago
- Business
- News.com.au
Average price of a dwelling in Australia passes $1 million
In a further sign of just how hard it is to break into the housing market, the value of Australia's 11.3 million homes has surpassed an insane figure. The ABS shows the national mean price of residential dwellings passed $1 million for the first time ever in the March quarter 2025 off the back of a 0.7 per cent increase in national dwelling prices. According to the Bureau of Statistics, the total value of Australian residential homes rose by $130.7bn to $11.4 trillion for the three months until March, with the average home now costing $1,002,500. At the same time, the number of houses in Australia rose by 53,400 to 11,338,500. ABS head of financial statistics Mish Tan said even though Australia's house prices surpassed the million dollar figure, there were signs the market was slowing down. 'Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024', Dr Tan said. Property values varied state to state, with the growth in national prices led by Western Australia, South Australia and Queensland. Queensland has now become the second most expensive state behind New South Wales. Separate research by PropTrack revealed Perth had surpassed Melbourne in terms of house prices for the first time in a decade. PropTrack senior economist Eleanor Creagh said the rise in Perth has come off the back of many years of strong performance. 'The shift reflects the turnaround in Western Australia's housing market since 2022, underpinned by a unique combination of affordability, population growth, investor demand and supply constraints,' she said. According to PropTrack, despite falling in the rankings, Melbourne had the strongest monthly rises up 0.79 per cent in May, but it is coming off a prolonged period of softer growth. 'Despite Melbourne leading monthly gains, Perth's median home value of $787,000 has overtaken Melbourne's at $782,000 for the first time in a decade,' she said. 'Just five years ago, Perth's home values were sitting at a deep discount relative to Melbourne's, with the median value of homes in Perth priced at nearly 40 per cent less.'
Yahoo
4 days ago
- Business
- Yahoo
New record in Australia's housing crisis
In a further sign of just how hard it is to break into the housing market, the value of Australia's 11.3 million homes has surpassed an insane figure. The ABS shows the national mean price of residential dwellings passed $1 million for the first time ever in the March quarter 2025 off the back of a 0.7 per cent increase in national dwelling prices. According to the Bureau of Statistics, the total value of Australian residential homes rose by $130.7bn to $11.4 trillion for the three months until March, with the average home now costing $1,002,500. At the same time, the number of houses in Australia rose by 53,400 to 11,338,500. ABS head of financial statistics Mish Tan said even though Australia's house prices surpassed the million dollar figure, there were signs the market was slowing down. 'Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024', Dr Tan said. Property values varied state to state, with the growth in national prices led by Western Australia, South Australia and Queensland. Queensland has now become the second most expensive state behind New South Wales. Separate research by PropTrack revealed Perth had surpassed Melbourne in terms of house prices for the first time in a decade. PropTrack senior economist Eleanor Creagh said the rise in Perth has come off the back of many years of strong performance. 'The shift reflects the turnaround in Western Australia's housing market since 2022, underpinned by a unique combination of affordability, population growth, investor demand and supply constraints,' she said. According to PropTrack, despite falling in the rankings, Melbourne had the strongest monthly rises up 0.79 per cent in May, but it is coming off a prolonged period of softer growth. 'Despite Melbourne leading monthly gains, Perth's median home value of $787,000 has overtaken Melbourne's at $782,000 for the first time in a decade,' she said. 'Just five years ago, Perth's home values were sitting at a deep discount relative to Melbourne's, with the median value of homes in Perth priced at nearly 40 per cent less.' Error while retrieving data Sign in to access your portfolio Error while retrieving data
Perth Now
4 days ago
- Business
- Perth Now
New record in Australia's housing crisis
In a further sign of just how hard it is to break into the housing market, the value of Australia's 11.3 million homes has surpassed an insane figure. The ABS shows the national mean price of residential dwellings passed $1 million for the first time ever in the March quarter 2025 off the back of a 0.7 per cent increase in national dwelling prices. According to the Bureau of Statistics, the total value of Australian residential homes rose by $130.7bn to $11.4 trillion for the three months until March, with the average home now costing $1,002,500. At the same time, the number of houses in Australia rose by 53,400 to 11,338,500. Australia's housing market has surpassed the million dollar mark for the first time. Newswire / Gaye Gerard Credit: News Corp Australia ABS head of financial statistics Mish Tan said even though Australia's house prices surpassed the million dollar figure, there were signs the market was slowing down. 'Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024', Dr Tan said. Property values varied state to state, with the growth in national prices led by Western Australia, South Australia and Queensland. Queensland has now become the second most expensive state behind New South Wales. Separate research by PropTrack revealed Perth had surpassed Melbourne in terms of house prices for the first time in a decade. PropTrack senior economist Eleanor Creagh said the rise in Perth has come off the back of many years of strong performance. 'The shift reflects the turnaround in Western Australia's housing market since 2022, underpinned by a unique combination of affordability, population growth, investor demand and supply constraints,' she said. Housing in Sydney remains the most expensive NewsWire / Max Mason-Hubers Credit: News Corp Australia According to PropTrack, despite falling in the rankings, Melbourne had the strongest monthly rises up 0.79 per cent in May, but it is coming off a prolonged period of softer growth. 'Despite Melbourne leading monthly gains, Perth's median home value of $787,000 has overtaken Melbourne's at $782,000 for the first time in a decade,' she said. 'Just five years ago, Perth's home values were sitting at a deep discount relative to Melbourne's, with the median value of homes in Perth priced at nearly 40 per cent less.'
