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Welcome to Sydney.
Thinking of moving to Sydney?
Lovely to visit, lovely to leave, but if you're considering buying a new home there, it might be cheaper to go and live almost anywhere else in the world – apart from Vancouver.
A new report comparing levels of housing affordability ranks Sydney as the second most expensive city in the world to buy a new home – beaten only by Vancouver in Canada.
According to the survey, housing that exceeds three times a household’s annual income is rated as ‘unaffordable’.
‘Moderately unaffordable’ is defined as four times household annual income, ‘seriously unaffordable’ is five times, and ‘severely unaffordable’ – hello Sydney! – the worst of the lot.
Soaring prices for homes and rentals are blamed on inadequate supply, with NSW producing less than half of the new homes per capita than Victoria and Queensland.
Good news if you're one of the lucky ones who already have a home, but what will your children and grandchildren do?
One person's gain is another one's loss..
(Image courtesy of Hamilton.)
Return to the news list
Lovely to visit, lovely to leave, but if you're considering buying a new home there, it might be cheaper to go and live almost anywhere else in the world – apart from Vancouver.
A new report comparing levels of housing affordability ranks Sydney as the second most expensive city in the world to buy a new home – beaten only by Vancouver in Canada.
According to the survey, housing that exceeds three times a household’s annual income is rated as ‘unaffordable’.
‘Moderately unaffordable’ is defined as four times household annual income, ‘seriously unaffordable’ is five times, and ‘severely unaffordable’ – hello Sydney! – the worst of the lot.
Soaring prices for homes and rentals are blamed on inadequate supply, with NSW producing less than half of the new homes per capita than Victoria and Queensland.
Good news if you're one of the lucky ones who already have a home, but what will your children and grandchildren do?
One person's gain is another one's loss..
(Image courtesy of Hamilton.)
Return to the news list
