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Sydney wins race to costliest housing
- Article from:
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Review - Institute of Public Affairs
- Article date:
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September 1, 2008
- Author:
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Copyright informationCopyright Institute of Public Affairs Sep 2008. Provided by ProQuest LLC. (Hide copyright information)
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Housing
A good measure of housing affordability is the years of income an average family requires to buy an average house.
In these terms, price collapses in Britain and California have left Sydney with the most unaffordable housing market of any major city in the world.
And several smaller Australian cities-Mandurah in WA and Queensland's Sunshine Coast and Gold Coast-are even further ahead of the world pack than Sydney. At die same time Melbourne and Perth have rocketed up the unaffordable rankings, with Brisbane and Adelaide not far behind.
At the end of last year, house prices in 227 urban areas in North America, Britain, Ireland, New Zealand and Australia were examined by St Louis ...