1 in 3 Australian Homes Now Worth Over $1 Million: Report

Sydney, Melbourne, Brisbane, and Adelaide now sit among the world’s 10 least affordable cities globally.

An aerial view of completed housing in a recently developed estate in Clyde North in the federal seat of Holt in Melbourne's south-east in Australia on March 26, 2025. Asanka Ratnayake/Getty Images

Australia’s housing crisis has hit new highs, with one in three homes now worth over $1 million (US$643,000), and four major cities ranked among the world’s most unaffordable.

Two separate reports released on May 16 reveal the depth of the country’s housing crisis.