Three Australian cities have been ranked as 'impossibly unaffordable' as the country has some of the world's worst ratios of median income to median house prices.
Housing has become so unaffordable in parts of the world that researchers for the first time in 20 years of writing the same report added a new category of "impossibly unaffordable" to describe the ratio of income to cost of housing. Three Australian cities reached this ranking — Sydney, Melbourne and Adelaide — meaning the US was the only country with more 'impossibly unaffordable' cities, notching up 5.
Home values nationally have risen by more than 35 per cent since the pandemic kicked off in 2020 but growth has not been spread evenly, according to real estate data company CoreLogic. Price growth across hotspots Perth, Brisbane and Adelaide has vastly outpaced gains posted in other urban centres, including Hobart, Melbourne, Canberra, Darwin and Sydney. None of the 94 cities measured by Demographia's international report were listed as 'affordable'.
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