Sydney’s housing affordability issue was reaffirmed in the recent 13th annual Demographia International Housing Affordability Survey. The report placed Sydney as Australia’s most unaffordable housing market and the second most expensive city in the world after Hong Kong.
Australia’s five major housing markets were rated as “severely unaffordable”. Melbourne came in at six in the study, while Adelaide, Brisbane and Perth were all ranked in the top 20 most expensive cities in the world.
The median house price in Sydney is now $1.077 million and the median household income in Sydney is $88,000.
How is it that London, New York and Tokyo can deliver more affordable suburban housing than Sydney?
Demographer with KPMG Bernard Salt tells us more