The costliest house in the world at the value of $2.9 billion? Buckingham Palace in London, the residence of the Queen of England. In the past, New York City, Mumbai and Cote D’azur shared scary price tags. Now, Australia’s big cities are among the world’s most expensive. With a median house price of $1million, Sydney has been named as the world’s third-least affordable place to buy a property after Hong Kong and Vancouver, when median prices were compared with typical incomes in major population centres.
Melbourne, with a mid-point house price of $829,509, was deemed the world’s sixth least affordable housing market by American think tank Demographia’s 2021 International Housing Affordability Study. Adelaide took 13th spot with its median house price of $509,148, ahead of Greater London and Seattle, and even our town, Brisbane was 18th with a typical house price of 1.6% to $593,232 making it less affordable than Miami in Florida.
Unemployment in Australia has fallen in tandem with rising house prices. Brisbane is still regarded as affordable compared with other large Australian cities with the Brisbane suburb on the most affordable list – Rocklea. Only 9 kilometres from the CBD, the median house price there is $405,000. Topping the list of most affordable suburbs for units is Bracken Ridge and Gordon Park, both with medians of $320,000.
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