Australian property ‘severely unaffordable’

According to a global housing affordability survey, Australia’s housing bubble has yet to burst and “sooner or later,” the market is likely to suffer house price declines.

Demographia’s annual International Housing Affordability Survey has revealed that Australia has one of the least affordable housing markets in the world, relative to income, with the majority of housing markets “severely unaffordable”.

According to the survey, the Sunshine Coast in Queensland, is the least affordable property market in the world, relative to income, with the Gold Coast (QLD), Sydney (NSW) and Bundaberg (QLD), all following closely behind in the top ten “severely unaffordable” markets.

Not one of Australia’s markets made it into the “affordable” or “moderately unaffordable” categories, making it more expensive than all other countries included in the survey, including Canada, Ireland, New Zealand, the UK and US.

Top 10 Severely Unaffordable Markets

1. Sunshine Coast, QLD, Australia
2. Honolulu, HI, USA
3. Gold Coast, QLD, Australia
4. Vancouver, BC, Canada
5. Sydney, NSW, Australia
6. San Francisco-Oakland, CA, USA
7. San Jose, CA, USA
8. Victoria, BC, Canada
9. San Louis Obispo, CA, USA
10. Bundaberg, QLD, Australia

Severely Unaffordable Markets - Where Australia’s capital city markets sit

Sydney - 4
Adelaide – 12
Melbourne- 12
Perth – 26
Brisbane – 28
Hobart – 29
Darwin – 34
Canberra - 60