The average house in Australia now costs more than A$1 million.
This is about R11.6 million at current exchange rates.
This comes as the country battles a housing affordability crisis, with the cost of a house out of the reach of most Australians. Analysts point to a shortage of homes, a growing population, incentives for property investors, and a lack of investment by the government in social housing as reasons for the issue.
According to the Australian statistical agency, homes were most expensive in New South Wales. Western Australia, South Australia, and Queensland were also significant contributors to the average cost of a home.
Rising housing costs are becoming an increasing problem in much of the developed world.