Mortgage News

An international survey polled recently has found that Sydney, coming in highest amongst Australia’s other major cities are among the least affordable places to live in the World. SMH has presented the report carried out by the Demographia International Housing Affordability Survey in which 272 markets in six countries were analysed. Sydney outranked other majors such as London and New York. Overall, Australia ranked the least affordable country to live in, with median house prices needing 50% of average incomes. Simon Reibelt from Oasis Home Loans Northern Beaches commented that even though the survey showed how expensive Sydney and the wider country was, it was a combination of extended factors that the survey did not take into account that pushed the affordability down. Sydney is one of the most revered cities in the World, and home owners and potential home owners should consider this when considering the high prices to enter the market. With this, property returns should stay increasingly high.

Image courtesy of The Sydney Morning Herald.