Can you believe Sydney Housing cost nearly worst in world?
 

HOUSING affordability in Australia is among the worst in the world, a further sign that many state and local government polices are inappropriate, the Residential Development Council said.

It said today's release of the Annual Demographia survey rated every Australian city as "seriously" or "severely" unaffordable in a global study of 159 cities, with Sydney, Melbourne, Perth and Hobart among the worst 25 cities.

The Residential Development Council, the residential policy arm of the Property Council of Australia, said Australia's poor result was proof that the current policy mix was a toxic cocktail for housing affordability.

"We have four of our cities in the worst 25 when it comes to affordability ? surely the message must get through?" said RDC Executive Director Ross Elliott.

The Demographia Survey, released by the US-based Wendell Cox Consultancy, attributes restrictive land release policies and excessive regulatory and zoning controls, combined with high housing taxes, for the Australian problem.

The least affordable Australian city is Sydney ? where median prices are 8.5 times median incomes ? even worse than London at 8.3 times incomes and New York at 7.2 times incomes.

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London and NY median incomes are skewed by the 300k bankers in both cities earning megabucks.
London's fucking horrendous 1/2 million dollars for a 1 bed flat not even central.

It's happening everywhere though Spain's property prices have doubled in 4 years, leaving alot of people unable to buy.

Well thatways is best to build clean land and build houses on it.Atleast that i would do when i will have money beacuse on house cost 200000 euro and it would take ages to earn somuch money.

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It's the high price of success.

Heh, Australia's still pretty cheap compared to other countries. What v4 says is true.

even the hookers in sydney are expensive :thumbsup :thumbsup

My parents just sold their 30 year old, 4 bedroom home, 45 minutes drive from the middle of Brisbane for a cool half mil.

Australian property is insane atm! expecting a bit of retracement soon!

Wow...I never realized this about Sydney

Mr. Romance

I have seen 1 and 2 bedroom flats sell in the suburbs for around 1 million in Sydney!

If you look at Sydney's Eastern suburbs where properties go for in exess of $10 million, a 1 bedroom flat could set you back close to a million!

Russell Crowe paid $14 million for a Penthouse in Woollomoolloo not far from Kings Cross, Sydney

Holy shit! 1 million for a 1 bedroom apartment!

Is renting there also equally expensive?

that's crazy! who can afford those prices? I was thinking how crazy it is to see million dollar price tags for condos and houses all over the place these days in Toronto. Since when is a million plus the new standard for a nice place in a good area? To walk down a street and see a sign advertising a million for a condo seems absurd to me.

There is a massive shortage of rental properies that has led to rental auctions ..... with the rental property going to the highest bidder!

yeah I only see it getting worse!

That is simply called a very high standard of living.

This is why I like living on the Gold Coast :thumbsup Sydney is fucked.. never liked it there anyway.

High standard? Sydney? You've got to be joking. A bunch of pompus pricks from the outback thinking they're the shit for living in a big city. No thanks

I looked at some prices for purchase and rental in Sydney, and I found that the rental market seemed to be fairly low when compared to the sale cost of similar units.

sydney is obscene when it comes to buying but perth is worse now. best place to live is melbourne i bough my 1 b/r unit last yr for 161,000 $ and 12 ks from the city in sydney it would have cost me upwards $300,000

There's still bargains to be found but they are very scarce.

I've lived in every state in Australia and they all have something unique, that's why I like to experience them all .... Sydney will provide the excitment for a year or 2. I might go back to Surfers Paradise next. :)

I agree firehorse Surfers Paradise is fun .... a real party town! :thumbsup

Inside Melbourne's Central Business District there exists a little 3 room cottage. I don't mean 3 bedrooms, I am talking about literally THREE ROOMS. There used to be about 6 of them in a row before all but one were demolished to build an ugly skyscraper. The entire area used to be residential housing until the 1960s.

The dimensions of the land? 7 x 7.5m. A mere 52 square metres, which includes the back yard and an outdoor toilet.

This tiny parcel of CBD land has its own title. I wonder how much it's worth these days?

The funny thing is that the house was probably only "small" when it was built. Solution? Let's ditch our open living, sitting rooms, garages, laundries... and go back to 3 room houses. :Graucho

Sydney's pricing is rediculous to say the least, I was working in real estate when we experienced the housing crash in 03-04, and just b4 the crash, housing was so unaffordable, a correction was immenent. Stamp duty and capital gains tax was at an all time high, and is still on the up. Sydneys western suburbs or the hills district is where the highest increases were experienced due to Parramatta becoming the next big Urban sprawl. Check out anything around Silverwater and Ryde, as in my oppinion, they will be the best value for money and an overall good investment. :2 cents: