I don’t set out to spoil your Saturday night, but if that’s what I gotta do then that’s what I gotta do.
Housing affordability is pretty cooked in all of Australia‘s capital cities, and the regions are feeling the pain too. That said, Sydney has always been a wonderful case study in just how hilariously fucked things are right now. According to new data from Domain, the number of Sydney ‘burbs where the median house price is $2 million or more has increased from six to 48 in just five years.
Whereas it used to be the classic rich suburbs like Vaucluse and Mosman that hit the double milli mark, it now includes suburbs like Turramurra, Concord West and Haberfield, which weren’t even sitting at the $1 million median five years ago.
Malabar, in Sydney’s southeast, hit a median price of $2,065,000. In 2012, it was only $1.1 million. At this point its like watching a car roll slowly down a cliff into a ravine. We may as well enjoy it all burn to hell while we’re here.
The Annual Demographia International Housing Affordability Survey, which ranks housing affordability for middle-income earners, found Sydney to be the second least affordable city in the world, behind Hong Kong, describing it as “severely unaffordable”.
Head over to Domain if you want to see the full list – i.e. if you’re a masochist. Wonderful.
Source: Domain.
Photo: Kindergarten Cop.
