Take a bow Sydney and Melbourne, for all the wrong reasons.
This is a global measure. The 10 most ‘impossibly unaffordable’ housing markets in the world
Note numbers, 2, 6 and 9. Sydney, Adelaide, Melbourne. Sydney’s housing is 13.8 times average gross earnings.
When we bought our first home in 1979 it was 4/5 times….
“…The most unaffordable market was Hong Kong, where the median house price was more than 14 times the median income of a worker in the city. Australia was also notably unaffordable. Metropolitan areas of Sydney, Adelaide and Melbourne were all in the top 10 as well.
“These high prices are largely the product of policies that seek to limit growth on the periphery, which has been the usual way that cities have grown,” Joel Kotkin, director of the Center for Demographics and Policy at Chapman University, said in the study…”