A new report has revealed Sydney is the second least affordable city for housing in the world behind Hong Kong, a trend an economics expert said is 'hollowing' the Harbour City.
A new report has revealed Sydney is the second least affordable city for housing in the world behind Hong Kong, a trend an economics expert said is"hollowing" the Harbour City.
Sydney's housing affordability crisis is estimated to be costing the economy more than $10 billion per year. Picture: Getty Images “The scale of this problem is so great, we actually do need great impact, great change in order to see effect on this issue," he told Sky News host Peter Stefanovic. "Among all large international cities, Sydney’s affordability has deteriorated over the past decade, and has now become one of the world’s 10 most unaffordable housing markets," an except of the report states.
The report further reveals Sydney’s median property price is more than 13.3 times the cost of the average income, which has increased from 8.3 as it sat a decade ago.
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