Sydney and Melbourne among the most expensive cities to live in 2019
25 Jan 2019
The 15th Annual Dermographia International Housing Affordability Survey has revealed the most expensive cities to live in around the world.
The study looked at 309 housing markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the UK, and the US.
It uses the “mean multiple” approach – the median house price divided by the median household income.
The survey shows that the most “severely unaffordable major housing markets” are currently in Australia, New Zealand, and China.
Sidney and Melbourne are among the top most expensive cities to live in 2019.
10 Most expensive cities to live in around the world in 2019, ranked my mean multiple in ascending order.
10. San Francisco, California, US — 8.8
9. Auckland, New Zealand — 9.0
8. Tauranga-Western Bay of Plenty, New Zealand — 9.1
7. Los Angeles, California, US — 9.2
6. San Jose, California, US — 9.4
5. Santa Cruz, California, US — 9.6
4. Melbourne, Australia — 9.7
3. Sydney, Australia — 11.7
2. Vancouver, Canada — 12.6
1. Hong Kong, China — 20.9
One of the great mysteries in Australia is how and why did Sydney house prices get so high? A common explanation is that Sydney housing supply is just not keeping up with demand as strong population growth and a lack of land release combine to drive up house prices.
We found that, contrary to popular belief, Australia as a whole has built more than enough houses to accommodate this growth. In fact, about 164,000 dwellings more than was required.
The only one logical explanation of why Sydney and Melbourne are the most expensive cities in a world because they ranked in a top 5 as the most liveable cities in a World (Melbourne -2nd and Sydney 5th). With low crime rates, world class beaches, great education system and high living standards, Australia has a lot to offer.
< Back to Blog