0525 GMT - Declining housing affordability in Australia has been a pressing issue for decades, but there seems to be no stopping the rise in prices. The total value of Australia's residential dwellings rose by 1.2% to $11.4 trillion Australian dollars in 1Q25, according to the Australian Bureau of Statistics. It meant the national mean price of residential dwellings passed A$1 million for the first time in the quarter, rising 0.7% to $1,002,500. Western Australia, South Australia and Queensland were the main drivers of the rise, with Queensland logging the second-highest mean price in Australia, behind New South Wales, the data shows. (james.glynn@wsj.com; @JamesGlynnWSJ)
(END) Dow Jones Newswires
June 10, 2025 01:25 ET (05:25 GMT)
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