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Australian Housing Crisis Deepens with Record $1 Million-Plus Properties

Over one-third of Australian homes now exceed $1 million in value, with affordability worsening and four cities ranked among the world’s least affordable.

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A series of houses in Sydney with numerous dollar signs edited into the picture next to the houses.

Overview

  • A record 34.4% of Australian homes are valued at $1 million or more, up from 9.7% in 2015, driven by a 67.3% rise in property values over the past decade.
  • Four major Australian cities—Sydney, Melbourne, Brisbane, and Adelaide—are now labeled 'impossibly unaffordable' in global rankings of housing markets.
  • Sydney leads with 64.4% of homes exceeding $1 million, followed by Brisbane (40.2%) and Melbourne (30.9%), highlighting a widening affordability gap.
  • Housing debt has surged to 135% of household income as Australians take on greater financial burdens to enter the housing market.
  • Anticipated interest-rate cuts in 2025 are expected to further elevate property prices, exacerbating the wealth divide between homeowners and non-owners.