HOUSING: Australia has the least affordable housing
Australia has the highest priced housing relative to household incomes in the English speaking world, according to the 7th Annual Demographia International Housing Survey: 2011. In Australia’s major housing markets, median house prices are 7.1 times median household income, a level exceeded only by Hong Kong at 11.4. The annual survey rates city and national housing markets as follows: • Affordable, 3.0 or less. • Moderately affordable, 3.1 to 4.0. • Seriously unaffordable, 4.1 to 5.0. • Severely unaffordable, 5.1 and over. The report says that, historically, most Western world housing markets had affordable markets of median housing prices being…