Sydney was ranked the second least affordable city in the world for the second year in a row, as devastating results show Australia’s “unprecedented” house prices poses an 'existential threat'.
According to the Demographia International Housing Affordability 2023 Report released on Monday, Sydney ranked second in terms of housing affordability, with a current median house price of $1.3 million.
Sydney ranked behind Hong Kong which took the place as the least affordable city in the world, with Vancouver in third place. Median house prices across the nation skyrocketed at an “unprecedented” rate in recent years, driven predominantly by consumer trends brought on by the COVID-19 pandemic.
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