Tuesday, 24 January 2017

Sydney 2nd most housing unaffordable city - Int. study

The 13th Annual International Demographia Housing Affordability Survey has been released for 2017, and the news isn't good for Sydney housing affordability. Out of the countries involved (Australia, Canada, China (Hong Kong), Ireland, Japan, New Zealand, Singapore, United Kingdom and US) Sydney has come out the 2nd worst affordable city for housing, only behind Hong Kong.

Yet the gov has done nothing to address the problem, with increasing homelessness and budgets stretched well beyond any reasonable limits. Negative gearing continues to suck gov coffers dry and has given Sydney the world's 4th worth housing bubble in all the countries surveyed.

Sydney is again Australia’s least affordable market, with a Median Multiple of 12.2, the same as last year, and ranks second worst overall, trailing Hong Kong. Consistent with the experience in other overly expensive housing markets, Sydney is experiencing substantial domestic out-migration.

In 2004 (the first Survey), Sydney’s Median Multiple is 7.6, and has risen 60 percent since then. Sydney’s 12.2 Median Multiple (in the last two years) represents the poorest housing affordability ever recorded by the Survey outside Hong Kong. The UBS Global Real Estate Bubble Index rates Sydney as having the world’s fourth worst housing bubble risk. The 13th Annual International Demographia Housing AffordabilitySurvey 2017