Hong Kong pips Sydney as world’s most expensive housing market

A study has ranked Sydney housing as among the most expensive in the world.

Demographia’s 13th Annual International Housing Affordability Survey places Sydney at second on the list of least affordable housing markets, behind only Hong Kong.

‘All of Australia’s major housing markets have severely unaffordable housing and all have urban containment policies,’ the survey said.

The survey links the nation’s “urban containment policies” to housing prices because such policies restrict expansion into new sites and instead opt to create homes in already dense areas.

Australia’s second major housing market, Melbourne, came in at fifth on the list.

Source: Demographia // Photo: sourceable.net

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