Now it’s official: Sydney has the second least affordable housing in the world

International housing think tank Demographia has released it’s 13th survey on house prices the world over using price data gathered from the third quarter of 2016.

If you’ve been living in Sydney or Melbourne recently this shouldn’t come as a surprise, but we’re practically world leaders when it comes to unfairly high house prices. This goes to show just how dire the situation is.

sydney house prices

Confirming what we pretty much already knew, a study has shown Sydney and Melbourne to be some of  the most unaffordable cities in the world.

The study compares median salaries with housing prices in a huge range of cities, 94 all up, around the world.

Houses that are triple or less than triple the median salary are considered ‘affordable’, while a house costing over five times the median income is decreed to be ‘severely unaffordable’.

Melbourne housing came in at a whopping 9.5 times the median income, while Sydney clocked in at a diabolical multiple of 12.2.

Source: Demographia

This puts Sydney solely behind Hong Kong in terms of absolutely gutting house prices. In the whole world.

Nationally, Australia’s housing affordability came in at the third worst in the world. Adelaide, Brisbane and Perth scored 6.6, 6.2 and 6.1 respectively so don’t worry, houses are unaffordable everywhere.

Via Huffington Post.