According to a report published by Yahoo Finance, Sydney would have been designated as the most unapproachable market to enter Australia and would be more expensive than New York, London and Singapore.
Demographia's International Housing Accessibility Survey in 2018 showed that the top five Australian housing markets are still "extremely unaffordable" despite the decline of last year.
Melbourne ranks second in the list of these domestic markets, after the capital of New South Wales.
In order to be able to purchase a home at the median price in 2004, households with a median income would need at least three years more than they would have in 2004. This situation occurred in spite of the significant decline of the property in 2018.
Researchers linked the results to the Organization for Economic Co-operation and Development (OECD) warning last year that the country's real estate market was at risk of a "hard landing".
"Prices have more than doubled in real terms since the early 2000s and household indebtedness has increased. The market has started to cool over the last year, with prices falling in Melbourne and Sydney. Until now, the data indicates a soft landing without major consequences for the economy as a whole. Nevertheless, [the] the risk of a hard landing remains, "said the OECD.
Alain Bertaud, Demographic Researcher, NYU Marron Urban Management Institute, and Wendell Cox and Hugh Pavletich, Urban Policy Analysts, observed the complex housing landscape in Australia in terms of urban containment policy.
These policies, better known as the Urban Cluster in Australia, imply that housing construction is limited to certain areas. It is designed to push planners to densify rather than expand.
"The generally unfavorable affordability of housing in Australia contrasts with the affordability that prevailed before urban containment was introduced. Australia's price-to-income ratio was below 3.0 at the end of the 1980s. All major Australian markets have an urban containment policy and all have unaffordable housing, "the researchers said.
The study by Demographia covers 309 metropolitan housing markets in Australia, Canada, China (Hong Kong only), Ireland, New Zealand, Singapore, the United Kingdom and the United States. -United.
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