Housing costs in Australia second only to Hong Kong

Posted by Simon Dehne on January 26, 2016 in Latest News with No Comments

Sold Home For Sale Sign in Front of New House

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.

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