In depressing news, a new study has found the housing market in Australia is among the most unaffordable in the world.
Demographia's 13th annual 'International Housing Affordability Survey' found as a country, we have the third most expensive housing market on Earth. Great news, huh?!
Topping the unaffordable list was Sydney, the study confirming it’s the second most expensive in the world, behind only Hong Kong.
It comes as Domain reports Sydney's median house price was now a record $1,123,991.
Looks like incoming New South Wales Premier Gladys Berejiklian has her work cut out for her. She’s already said housing affordability is a massive priority and she’s not wrong.
Melbourne made the top ten too, coming in as sixth most expensive behind Hong Kong, Sydney, Vancouver, Auckland and San Jose. Adelaide, Brisbane and Perth are also ranked 'severely unaffordable' in the report and The Sunshine Coast, Port Macquarie, Wollongong and the Gold Coast ranked in the 20 most unaffordable areas in the world, with housing costs around nine times the median income.
"Among the 94 severely unaffordable markets, 33 are in Australia," the report stated.
Of Australia's 54 identifiable housing markets, only four can be considered 'affordable' by their metrics – Karratha, Port Hedland, Kalgoorlie and Gladstone.
You can read the full report here.
With such stark and depressing statistics, something’s got to give.