Australia the least affordable home market in the world
Monday, January 21, 2008/
The least affordable city to buy a home in Australia is Mandurah, a regional city about an hour’s drive from Perth. It is closely followed by Queensland’s Sunshine Coast.
Australian homes are the least affordable compared to Canada, Ireland, New Zealand, Britain and the United States, according to the Demographia International Housing Affordability Survey. The survey of 227 cities ranks 18 Australian cities in the top 50, more than any other country.
The most unaffordable city is Los Angeles in the US, with a ranking of 11.5; San Francisco ranks third with 10.8, and Mandurah ranks sixth with 9.5.
Sydney is ranked 11, ahead of London on 18, Perth (19), Melbourne (22), New York (28), Adelaide (35) and Brisbane (36).
The bad news for Australians is that many regional areas are as unaffordable as the big cities, as the following rankings show:
- Rockingham, WA, rank 24
- Bundaberg, Qld, rank 28
- Cairns, Qld, rank 36
- Geelong, Vic, rank 40
- Newcastle, NSW, rank 40