Housing affordability has improved marginally in Australia over the past year, according to the Eighth Annual Demographia International Housing Affordability Survey. According to Demographia, to ensure housing bubbles are not triggered, housing prices should not exceed three (3) times gross annual household incomes.
Sydney and Melbourne ranked as the 3rd and 4th most unaffordable major housing markets in the world. Sydney with a median multiple of 9.2 and Melbourne at 8.4 times gross annual household incomes.
Brisbane had a median multiple of 6 – making Brisbane a more affordable city to live in than Sydney and Melbourne, according to the survey.
