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Australia’s housing bubble has yet to burst and “sooner or later” the market is likely to suffer house price declines according to a global housing affordability survey.
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, Australia’s Sunshine Coast is the least affordable property market in the world, relative to income, with the Gold Coast, Sydney and Queensland’s Bundaberg 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 - 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/ Victoria, BC, Canada
9. San Louis Obispo, CA, USA
10. Bundaberg, QLD, Australia
Severely Unaffordable Markets - Where Australia’s capital city markets sit
Sydney – 5
Adelaide – 12
Melbourne – 12
Perth – 26
Brisbane – 28
Hobart – 29
Darwin – 34
Canberra - 60
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