Australian property 'among the most expensive in the world'

House hunters who are looking for an affordable home loan in Australia have learned that properties in the country are among the most expensive in the entire world.

According to the eighth annual Demographia International Housing Affordability Survey, Australian real estate is far more expensive than equivalent houses in the US, UK, New Zealand, Canada and Ireland.

Indeed, a median-priced abode in a main Australian city costs 6.7-times the median household income, while this figure is significantly higher in Sydney, which is the least affordable place in the country.

The research also indicated that only Hong Kong was more expensive than Australia.

Co-author of the study Wendell Cox believes that too many regulations are stifling housing development projects down under and this is the main reason for sky-high property prices.

However, the Daily Telegraph recently reported that the entrance of Japanese lenders into the Aussie mortgage sector could result in home loans becoming more competitive.

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