In news that will shock precisely nobody, a new study has confirmed that Sydney‘s housing market is the second most expensive in the world, behind only Hong Kong.
Demographia‘s 13th annual International Housing Affordability Survey found that of Australia‘s 54 identifiable housing markets, only four can be considered ‘affordable’ by their metrics – Karratha, Port Hedland, Kalgoorlie and Gladstone.
Melbourne also cracked the top ten for unaffordable housing, coming in fifth behind Hong Kong, Sydney, Vancouver, Auckland and San Jose.
“All of Australia’s major housing markets have severely unaffordable housing and all have urban containment policy,” the survey said.
As we all know, housing affordability policy tends to ping-pong between the federal government and the states, with neither wanting to be seen as responsible for gutting the value of – especially older people’s – housing investments.
That being said, both Treasurer Scott Morrison and incoming New South Wales Premier Gladys Berejiklian say that housing affordability is their current priority. Morrison is planning on looking to London to see how British policy on the matter functions, and Berejiklian has declared it “the biggest issue people have across the state”.
For now, you have permission to weep.
Source: Sydney Morning Herald.
Photo: The Simpsons.
