Thursday, May 29, 2008

May 2006: Sydney is the 6th least affordable city in the world

Priced out of the boom

If you live in Sydney and have not bought a house yet, you might have to get used to renting, writes Michael Duffy. Late last year an American pro-growth consultancy named Demographia announced that the median house in this city cost 8.5 times the median household income. This was up from a multiple of five in the 1980s, which even then was steep. Demographia defines "affordable" as a multiple of no more than three. The 2005 result meant housing in Sydney was the sixth least affordable of 100 cities looked at around the world. "Sydney house prices are somewhere between 50 and 60 per cent higher than Melbourne house prices … it is still nearly 10 times average earnings in NSW to buy a house, whereas in Melbourne it is about seven times."

Posted by lvmreader @ 01:13 PM (820 views)
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4 thoughts on “May 2006: Sydney is the 6th least affordable city in the world

  • Good post, lvmreader

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  • Thank you @Drewster.

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  • Gleeful_expat says:

    Er – why post an article from 2006? This isn’t necessarily a criticism, maybe you’ve got a great reason for doing so. Apparently things are a bit different in Sydney now, maybe that was your point…….

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  • Rather puts paid to the notion that places like the UK have high house prices because they’re
    small islands.

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