Sydney’s housing market ranked the second least affordable in the world, report reveals
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Loading... - Chase Bennet
- 22 Mar 2023
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‘Unprecedented’ growth in Harbour City house prices – six times the rate of inflation – will likely send Sydneysiders’ standards of living plummeting, an expert report has warned.
Sydney’s housing market has ranked as the second least affordable in the world for the second year running, posing a threat to “standards of living”.
A global report rating middle income housing affordability has ranked Sydney 93rd out of 94 metropolitan markets.
The Demographia International Housing Affordability report for 2023 was released on Monday, with Sydney ranking just ahead of the world’s least affordable nation Hong Kong.
Sydney retained its position from the 2022 report after falling from the third least affordable market in 2021, with the report revealing house prices had increased six time the rate of inflation.
“There is a broad view that deteriorating housing affordability is an existential threat to the middle-class,” author Wendell Cox, from the Urban Reform Institute, stated.
“Housing affordability in 2022 continued to reflect the huge price increases that occurred during the pandemic demand shock.
“Some housing affordability improvements have since occurred and more are likely as the demand shock is hopefully replaced by more normal market trends.”
The latest report, from the 2022 September quarter, ranked markets based on income in relation to housing prices across Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom and the United States. Read More…
