Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Latest


Must Read


PM Tech Growth Sales Marketing Industry

Our Events


New Broker Academy 2022

The Adviser’s New Broker Academy aims to equip prospective brokers with the knowledge, skills and mindset to succeed...

LEARN MORE
VIEW ALL
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.

Sydney houses unaffordable

By Staff Reporter
27 January 2010 | 1 minute read

Sydney is fast becoming the world’s most unaffordable city, taking out second place in a list of the world’s most expensive cities.

According to the Demographia International annual Housing Affordability Survey, of 272 markets in six countries, Sydney is the second least affordable place to buy a home.

Vancouver was ranked as having the most expensive housing market in the world.

Advertisement
Advertisement

Urban Taskforce chief executive Aaron Gadiel said the results were not surprising given Sydney’s lack of housing development which has resulted in extreme demand and inflated house prices.

“Sydney’s lack of affordability is a symptom of fundamental problems in the supply of new housing.

“Sydney’s skyrocketing home prices and high rents are the inevitable result of low rates of housing construction.”

“Rents in outer suburban Sydney have gone up by more than 20 per cent in the last two years.

“In the middle ring suburbs, rents have jumped near to 30 per cent,” he said.

Mr Gadiel said that NSW needed to re-open its doors to private investment in urban renewal and expansion.

“We need to see local councils and government making decisions to approve new development,” he said.

“We’ll never get on top of the state’s housing shortage if it doesn’t become easier for developers to build new suburbs.”

Sydney houses unaffordable
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.