Is Australian housing expensive? Is it really so unaffordable?
Well…I guess it depends who you ask.
But look at it this way..
While property prices have grown substantially, especially in the Melbourne and Sydney property markets, Australia’s house price growth looks tame compared with some overseas property markets.
Fairfax media report that Hong Kong’s house prices have risen at nearly three times the rate of Australia’s, making it the world’s fastest growing market according to the Knight Frank Global House Price Index.
Hong Kong house prices surged 18.7% in the year to March 2015, compared with the overall Australian market’s comparatively modest growth of 6.8% over the same period.
The interactive graphic below from Fairfax ranks Australia’s 14 out of the 56 residential property markets surveyed around the world.