The Demographia International Housing Affordability Survey has placed Sydney at the third spot of the world’s most expensive housing markets, also citing Australia as among the “severely unaffordable” countries.
The Demographia survey ranks markets by using a house price to income ratio, where it found that Sydney’s median house prices is 9.8 times median income.
Sydney is joined by Vancouver and Hong Kong, which are both ranked as less affordable.
Homebuyers in Vancouver could face prices 10.6 times median incomes, while Hong Kong median house prices were 17 times median income, the survey claimed.
Moreover, all five major markets across Australia were rated as severely unaffordable. Demographia found the median house price across major markets to be 5.5 times the median income.
Elsewhere, the United States was named the most affordable housing market in the survey, with 37 major markets rated as affordable or moderately affordable, and only nine markets rated as severely unaffordable.