![]() “Some housing affordability improvements have since occurred and more are likely as the demand shock is hopefully replaced by more normal market trends.” “Housing affordability in 2022 continued to reflect the huge price increases that occurred during the pandemic demand shock. $35m Byron Bay celebrity hideaway up for grabs MORE: Latrell Mitchell’s controversial farm for saleīyron prices plummet in ‘reverse Hemsworth effect’ ![]() Sydney has retained its spot as the second least affordable market in the world. “There is a broad view that deteriorating housing affordability is an existential threat to the middle-class,” author Wendell Cox, from the Urban Reform Institute, stated. Sydney retained its position from the 2022 report after falling from the third least affordable market in 2021, with the report revealing house prices had increased six time the rate of inflation. The Demographia International Housing Affordability report for 2023 was released on Monday, with Sydney ranking just ahead of the world’s least affordable nation Hong Kong. Sydney’s housing market has ranked as the second least affordable in the world for the second year running, posing a threat to “standards of living”.Ī global report rating middle income housing affordability has ranked Sydney 93rd out of 94 metropolitan markets. ![]() ‘Unprecedented’ growth in Harbour City house prices – six times the rate of inflation – will likely send Sydneysiders’ standards of living plummeting, an expert report has warned. All of Australia’s major cities have housing market that are very expensive on a world scale. ![]()
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