In the latest Demographia International Housing Affordability Survey, there’s little surprise or change in the most unaffordable markets.
Once again, Australia is the most over-priced, and thus least affordable country in the study, with five of the top six cities surveyed also being Australian.
The survey, which covers 272 markets in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States, is now in its 6th year, and determines affordability by the “Median Multiple”, which is quite simply the median house price divided by gross annual median household income.
There were 61 severely unaffordable markets this year, down from 64 found in the previous survey. The least affordable markets were concentrated in Australia (22) the United Kingdom (19) and the United States (11).
As for cities, the top six are Vancouver being the least affordable, followed by Sydney, Sunshine Coast, Darwin, Gold Coast and Honolulu.
click the tables to enlarge
There were 103 affordable markets, 98 located in the United States and 5 located in Canada.
6th Annual Demographia International Housing Affordability Survey – read here
The results of this latest edition are very much in line with a recent and broader index compiled by The Economist which showed Australia to be in excess of 50 times over-priced/valued.