SYDNEY AND MELBOURNE HOUSING UNAFFORDABLE
The Demographia International Housing Affordability Survey of 325 cities around the world comparing the ratio of house prices to median yearly household income, has ranked Melbourne at No 321 and Sydney at No 324! Only overcrowded Hong Kong ranks worse.
The median Melbourne house price was $565,000 and the median household income was $63,100, so the ratio of house price to income was 9. Sydney was worse at 9.6, and Hong Kong had a house/price income ratio of 11.4.
These figures show just how much rapid population growth has damaged housing affordability in our large cities. Australia used to be a country where everyone could aspire to a home of their own. Sadly that is no longer the case. Our high migration high population growth path is killing off our children’s chances of owning their own home.
Kelvin Thomson MP
Federal Member for Wills
Monday 24th January 2011