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Sydney most expensive city: Bankwest

By Staff Reporter
27 July 2009 | 1 minute read

Sydney is the least affordable capital city in Australia, the Second Annual Bankwest Key Worker Housing Affordability report has found.

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In Sydney, the median house price was unaffordable in 86 per cent of local government areas.

An area is classified as unaffordable if median house prices are more than five times a key worker’s annual earnings.

In 47 per cent of Sydney’s suburbs, key workers face house prices that are more than ten times their salary.

“Our research shows that key workers are still doing it tough in Sydney with most being locked out of the property market in the areas they serve,” Bankwest Retail chief executive Ian Corfield said.

“These are the essential workers Sydneysiders rely on every day to provide important services. The unfortunate reality is many are locked permanently in the rental market and are unlikely to get the keys to their own home, while others have to commute long distances.”

According to the report, Campbelltown is the most affordable city with a median house price of $301,500.

 

Sydney most expensive city: Bankwest
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