Forget New York and London — Melbourne house prices have been ranked the eighth most unaffordable in the world
The study does not take into account median unit prices, inflation, the cost of living or rents, which have all risen in the past year. It calculates affordability based on median house prices against median household incomes.The report also found Sydney had the world’s second least affordable median house price at 13.3 times higher than standard household incomes.
And all five of Australia’s major housing markets, Melbourne, Sydney, Brisbane, Adelaide and Perth, “have been severely unaffordable since the early 2000s”. In 2008, Victorian Department of Planning and Community Development released a report which outlined the need for 600,000 new homes to be built in Greater Melbourne over the next 20 years to house the city’s booming population.
He said the state government should “very seriously” consider “rolling back” the UGB, which dictates where new housing can be built and which areas are environmentally protected.
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