{"id":44554,"date":"2023-09-07T16:52:04","date_gmt":"2023-09-07T04:52:04","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=44554"},"modified":"2023-09-07T16:52:04","modified_gmt":"2023-09-07T04:52:04","slug":"sydneys-real-estate-market-has-officially-surpassed-both-new-york-and-london","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydneys-real-estate-market-has-officially-surpassed-both-new-york-and-london\/","title":{"rendered":"Sydney’s real estate market has officially surpassed both New York and London"},"content":{"rendered":"

PHOTO: Sydney’s lifestyle is having a massive effect on house prices globally. FILE<\/strong><\/p>\n

According to a recent report from the Committee of Sydney, Sydney<\/a> now ranks as the sixth most expensive city globally for housing, surpassing renowned metropolises like New York<\/a>, London<\/a>, Paris, and Los Angeles<\/a>.<\/p>\n

This report highlights the severity of Sydney’s housing crisis, estimating that it costs the city a staggering $10 billion annually in terms of lost talent, diminished productivity, and reduced innovation. Astonishingly, the average home in Sydney is priced at over 13 times the median salary, emphasizing that this housing issue is not a fleeting problem but rather a chronic one that poses a substantial long-term threat to the city’s future, as explained by Eamon Waterford, the committee’s CEO.<\/p>\n

The repercussions of this crisis are especially felt by young Sydneysiders who are just embarking on their careers, hindering their access to opportunities that would be more attainable if housing were more accessible and affordable. Waterford emphasized the urgent need for sustained action to prevent chronic housing unaffordability from eroding Sydney’s global competitiveness and long-term economic success.<\/p>\n

Fitness guru\u2019s retreat up for grabs<\/a><\/p><\/blockquote>\n