Rising house prices in Sydney and Melbourne

Posted by Simon Dehne on February 8, 2016 in Latest News with No Comments

Surging house prices in Sydney and Melbourne have helped keep Australia near the top of an annual list of the world’s least affordable countries.

Key points:

The typical Australian house costs 5.6 times the median household income
Only Hong Kong (19) is less affordable; with New Zealand (5.2) and the UK (5.1) close behind Australia
Sydney is the second least affordable city in the world, with prices 12.2 times incomes
Australia is second only to Hong Kong for housing costs, with the Asian banking hub occupying a unique position given its high-income elite, miniscule size and proximity to mainland China.

Demographia’s annual survey of property markets in eight countries (and one “special administrative region” within China – Hong Kong) shows the typical Australian house costs 5.6 times the median household income.

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