The average value of an Australian home hit a record $959,300 in the March quarter, according to data released on Tuesday by the Australian Bureau of Statistics (ABS):
NSW (Sydney) remains by far the most expensive jurisdiction in Australia, with an average dwelling value of $1,212,000 in the March quarter.
By contrast, the Northern Territory has the nation’s cheapest homes, with the average dwelling valued at $511,400.
Meanwhile, the total value of Australia’s dwelling stock rose to $10,721 billion in the March quarter. This was up $209.4 billion from the December quarter.
Australia has become a gigantic housing market with an economy attached.
What is the point of an economy if the typical Australian cannot afford a home? Is this the society that we want?
