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According to a survey of 159 real estate markets in six western developed countries, the six most expensive cities and regions are all in the United States, while Sydney in Australia ranks seventh, which is more difficult than buying a house in London and New York.
The survey, conducted by the International demographic Organization, compares and ranks local house prices by calculating the median multiple (the ratio of the average house price to the average annual household income). The 159 locations involved are concentrated in six countries, including Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States.
The statistical results show that there are 59 locations with a median multiple of more than 5.1 and 22 sites between 4.1 and 5.0, and the purchasing capacity is considered to be seriously insufficient; 36 regions have a median multiple of 3.1 to 4.0, and the degree of insufficient purchasing capacity is moderate; only 42 cities have a median multiple of less than 3.0, and housing prices are still affordable.
The top six cities on the list are Los Angeles-Orange County, San Diego, Honolulu, San Francisco, Ventura County and Stockton, with the exception of Honolulu belonging to Hawaii, the other five are located in California. this makes the East Coast of the United States a “serious lack of affordability”, with Los Angeles-Orange County housing prices as high as 11.4 times the annual household income.
In seventh place is Sydney, Australia, where house prices are 8.5 times the annual household income. By comparison, the ratio is 8.3 in London and 7.2 times in New York, both cheaper than Sydney.
According to the report, Australia has the lowest overall purchasing capacity, with a national median multiple of 6.6, and seven of the eight regions surveyed belong to a “serious lack of purchasing capacity”. In addition to Sydney, the West Bank city of Perth has a price-to-income ratio of eight times, followed by Hobart (7 times) and Melbourne (6.6 times), both in the top 25. A decade ago, Australia’s overall price-to-income ratio was only four to five times.
Elliott, president of the Australian Housing Development Council, said the country’s real estate market is in crisis because of the government’s lack of comprehensive planning, excessive taxes and planned residential land in short supply. In addition, people’s salaries are unable to catch up with soaring property prices.
Elliott said, for example, that a four-bedroom new house in Sydney, with a total value of A $570000, has to pay a tax of A $160000 and a maintenance fee of A $30,000. As a result, developers are now reluctant to build private housing and are developing commercial buildings instead.
A recent report released by the Australian Real Estate Association also found that Australians who bought a house for the first time paid a median price of A $376000 at the end of last year, much higher than A $361500 in the previous quarter. Their monthly repayment of loans also accounts for more than 30% of their monthly salary, reaching A $2332.
In addition to Australia, New Zealand, Ireland and the United Kingdom have all entered the ranks of serious deficiencies in purchasing capacity, with price-to-income ratios of 6.0, 5.7 and 5.5, respectively.
The average median multiple of house prices in the United States is 3.7, which is among the highest in the most expensive areas, but prices in most cities are still affordable. With the exception of high house prices in Vancouver (7.7 times) and Victoria (6.6 times), prices are generally low in other parts of Canada, with national prices of 3.2 times annual household income, equivalent to half the cost of buying a house in Australia.
The three cheapest cities in the survey are Regina in Canada, Castle Wayne in Indiana and Youngstown in Ohio, which are only 2.7 times their annual income.
