Australian city property is among most unaffordable

Thursday 28 January 2010

Article by Mozo

A number of Australian cities have been listed in the International Housing Affordability Survey.

The study, which looked at 272 metropolitan markets in six nations around the globe, has shown that many Australian cities – such as Sydney and Melbourne – have property which is less affordable than in most other countries.

According to the survey, the most unaffordable property market in the world is be found in Vancouver, in Canada, but this was followed by Sydney, Melbourne and Adelaide, making them more expensive than London, San Francisco and Auckland.

Australia was over and above the least affordable of the nations studied, followed by New Zealand, Britain, Canada, Ireland and the US.

The research noted that households in Sydney end up spending as much as 50 per cent of their income on housing.

Meanwhile, new figures show that house prices in Sydney have soared in recent times, climbing by the largest amount witnessed since 2003.

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