PHOTO: Australia’s five major housing markets (Sydney, Melbourne, Adelaide, Brisbane and Perth) were all listed as severely unaffordable
The 15th Annual Demographia International Housing Affordability Survey shows Australia as the second most unaffordable market for housing, with New Zealand coming in third.
The survey uses a measurement of ‘median multiple’ to rank affordability, which is found by dividing median house price by gross annual median household income. This method is the same favoured by the United Nations and the World Bank.
From there the markets are ranked from “affordable” (3.0 or less) to “severely unaffordable” (5.1 and over).
The report assessed 239 urban markets in nine countries: Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom and the United States, as of the third quarter of 2018.
READ MORE VIA ELITE AGENT
