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Sydney’s sky-high property prices have been attributed to a shortage of supply, generous tax breaks, cheap credit and ‘hot money’ from overseas investors.

A new report by independent property researcher SQM Research has revealed Sydney’s house values have jumped at over $1m, making the median price for a detached house 13 times the average wage.

A separate study by RP Data has supported the claim, saying an increase of nearly 60% in the area’s property prices has emerged since 2009.

"Sydney has shown the best gains of any capital city in Australia ... Very low interest rates have given prices a huge boost,” said Tim Lawless of RP Data.

Statistics from the International Monetary Fund also showed Australia holds the world’s third highest price-to-income ratio, after Belgium and Canada.

Such price hikes are making house hunting for people like Alastair Wilson so much harder in Sydney.

"I just need a roof over my head - preferably one I own," Wilson, a new said father, told BBC.  "I was used to astounding prices in London. However, Sydney prices made my jaw drop."
 

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