Australian Home Prices Soar Amid Housing Affordability Crisis

Australian home prices increased by 1% in November, with significant rises in Perth and other capitals. Despite this, a record level of housing unaffordability persists, affecting access to credit. The government aims to improve the situation by committing to build 1.2 million homes by 2030.

The latest data from property consultant Cotality reveals that Australian home prices climbed by 1% in November, following a similar rise in October. This increase has contributed to the growing challenges in housing affordability faced by the nation.

Substantial price hikes were noted in Perth, which saw a 2.4% rise, while Sydney and Melbourne experienced increases of 0.5% and 0.3% respectively. Cotality's research director Tim Lawless highlighted the significant growth in mid-sized capitals, particularly in Perth, due to low listings and high buyer demand.

Despite the rising prices, Australia continues to struggle with unprecedented levels of housing unaffordability. Prime Minister Anthony Albanese's government has pledged to construct 1.2 million homes by 2030 to alleviate cost pressures.

(With inputs from agencies.)