August 25, 2023

Australia’s most populous cities are grappling with some of the world’s most exorbitant property prices, presenting significant challenges for prospective homeowners in Sydney and Melbourne. The 2023 housing affordability report by Demographia underscores that in 2022, five of Australia’s largest housing markets were marked by unaffordability, with only Hong Kong trailing behind Sydney in terms of housing affordability. The analysis compares median property prices to median incomes and generates a ratio that quantifies the affordability of housing. In simpler terms, Sydney’s median house price is divided by its median pre-tax income, resulting in a score of 13.3, whereas Hong Kong’s