(Brisbane: mentioned as a viable option for city living over Sydney)
“IF AUSTRALIA ever needed an enema, Sydney would be the place for it.”
Polluted, overcrowded, over-hyped and ridiculously expensive. That’s how one person has described Australia’s largest city amid a debate over whether a member of “generation rent” can ever hope to break into the housing market.
It comes as Treasurer Scott Morrison today urged young families looking to get a foot in the housing market to move out of Sydney.
“For young people who are thinking about, ‘can I buy a house in Sydney or can I buy a house in Melbourne or Brisbane?’ or things like that, there is an option if people want to take it in places like Tamworth,” he told 2GB’s Ray Hadley today.
According to CoreLogic data, the median dwelling price in Sydney was $795,000 in February, 18.4 per cent higher than a year ago. The median house price is $928,000, and the median unit price is $745,000.
Demographia — which uses slightly different figures to CoreLogic — put Sydney’s “median multiple”, the median house price ($1.077 million) divided by the median household income ($88,000), at 12.2.
In other words, a typical house costs more than 12 years’ wages. For the full news.com.au article click
here.
