Sydney’s property market may be slowing down, but it is still one of the most expensive places to buy property.
Not just in Australia, anywhere on the planet.
Global think tank Demographia has released its 14th annual report examining housing markets, and ranked Sydney as the second most unaffordable market in the world.
Demographia uses median household income against house prices, as a metric to reveal affordability in each country.
According to the results, house prices in Sydney are 13 times higher than the median household income.
Sydney came second only to Hong Kong, where property prices are 20 times higher than median household income.
Vancouver, San Josee and Melbourne rounded out the top five. In Melbourne, the study found house prices are 10 times higher than the median household income.
Adelaide and Brisbane made the top twenty, coming in at 16th and 18th respectively. Perth came in at 21st. In these cities, house prices are about six times higher than the median household income.
CoreLogic’s research director told ABC News that the Demographia results are inflated because they use house prices (excluding apartments and units). When CoreLogic compares household incomes to property, it uses all dwelling types.
Source: ABC News