Australian Home Prices Top $1 Million: A Crisis for First-Home Buyers?

Australia's housing market has reached a new milestone: the national average home price has topped $1 million for the first time. This is according to new data from the Australian Bureau of Statistics (ABS), which shows a 0.7% rise from the previous quarter. Analysts expect prices to continue rising. The surge is particularly noticeable in Queensland, Western Australia, and South Australia, where total residential dwelling values have increased by $130 billion to a record $11.4 trillion. Prime Minister Anthony Albanese has responded by announcing plans for urgent reforms to cut red tape and boost housing supply. "For renters and first-home buyers, this continued price climb adds further strain," says the voiceover in the video, highlighting the impact on vulnerable groups. However, the government's shared equity scheme aims to help some young Australians enter the housing market. This scheme allows eligible buyers to purchase a property with a smaller deposit, with the government contributing up to 40% in exchange for a share or proportional interest in the property. The ongoing growth in house prices presents both challenges and opportunities for the Australian economy and its citizens.