Domain reported that Housing affordability in Australia has reached a ‘crisis’ point, with people paying up to almost 13 times their annual income to purchase a house, a new survey has found. Sydney and Melbourne are among the top five least affordable major housing markets in the world, according to the 14th Annual Demographia International Housing Affordability Survey.
Out of 92 major metropolitan markets Sydney was ranked the second least affordable, behind Hong Kong, for the third year in a row. The survey blames Australia’s poor housing affordability on its urban containment policies, which aim to curb the growth of urban sprawl by encouraging greater density in existing housing areas.
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